3§4 
B4 


SPEECH 


OF 


MR    BENTON,  OF  MISSOURI, 


THE   SENATE   OF  THE    UNITED    STATES,    FEBRUARY    27,    1835, 


[IS  RESOLUTION  TO  EXPUNGE  FROM  THE  SENATE  JOURNAL 
THE  RESOLUTION  CONDEMNATORY  OF  THE  PRESIDENT, 
ADOPTED  BY  THE  SENATE,  MARCH  28,  1834. 


I 


WASHINGTON: 
PRINTED    BY    BtAIR    AND    RIVE  8. 

1835. 


FRED  LOCKLEY 

RARE  WESTERN  BOOKS 

4227  S.  E.  Stark  St. 
PORTLAND,  ORE. 


7 


., 


SPEECH 


OF 


MR.  BENTON,  OF  MISSOURI, 

IN   SENATE   OF   THE   UNITED  STATES,  FEBRUARY  27,   1835. 


EXPURGATION   OF  THE   SENATE   JOURNAL. 


The  resolution  offered  by  Mr.   BENTOUT  on  the 
18th  instant  was  read  by  the  Secretary: 

"Rtsolved,  That  the  resolution  adopted  by  the 
Senate  on  the  28th  day  of  March,  in  the  year  1834, 
in  the  following  words  'Resolved,  Tliut  the  Pre 
sident,  in  the  lite  Executive  proceedings  in  relation 
to  the  public  revenue,  has  assumed  up'xi  himself  au 
thority  and  power  nut  conferred  by  the  Constitution 
and  laws,  but  in  derogation  of  both,'  be,  aud  the 
same  hereby  is  ordered  to  be  expunged  from  thr: 
journals  of  th.^  Senate;  because  the  said  resolu 
tion  is  illegal  and  unjust,  of  evil  example,  indefi 
nite  and  vague,  expressing-  a  criminal  charge  with 
out  specification;  and  was  irregularly  and  uncon 
stitutionally  adopted  by  the  Senate,  in  subversion 
of  the  rights  of  defence  Which  belong  to  an  ac 
cused  and  impeachable  officer;  and  at  a  time,  and 
under  circumstances  to  endanger  the  political 
rights,  aivl  to  injure  the  pecuniary  interests  of  the 
people  of  the  United  States." 


thoroughly  satisfied  that  that  was  the  proper  mode 
of  proseecling  in  this  c*se.  ^or  the  criminating 
resolution  which  he  wished  to  get  rid  of,  combined 
all  the  characteristics  of  a  case  which  requ'red  era 
sure,  obliteration,  blotting  out;  for  it  was  a  case,  as 
he  believed,  of  the  exercise  of  power  without  au 
thority,  without  even  jurisdiction;  illegal,  irregu 
lar  and  unjust.  Other  modes  of  annulling  the 
resolution,  as  rescinding,  reversing,  repea  ing, 
could  not  be  proper  in  such  a  case;  for  they  would 
imply  a  rightful  jurisdiction,  a  liwful  authority,  a 
legal  action,  though  an  erroneous  judgment.  All 
that  he  denied.  He  denied  the  authority  of  the 
Senate  to  pass  such  a  resolution  at  all;  and  he  af 
firmed  that  it  was  unjust,  and  contrary  to  the  truth, 
as  well  as  contrary  to  law.  This  being  his  view 
of  the  resolution,  he  held  that  the  true  and  proper 
course,  the  parliamentary  course  of  proceeding  in 
such  a  case,  was  to  expunge  it. 

But,  said  Mr.  B.   it  is  objected  that  the  Senate 


Mr.BENTONthenrose,andaddressedtheSei,ate|  has  no  right  to  expunge  any  thing  from  its  Journal; 
in  support  of  his  motion.  He  said,  tiiat  the  reso-  that  it  is  required  by  the  constitution  to  keep  a 
lution  which  be  had  offered,  though  resolved  up-  Journal;  and  being  so  required,  could  not  destroy 
on,  as  he  had  heretofore  slated,  without  consults- j  any  part  of  it.  This,  said  Mr.  B  ,  is  slicking  in 
tion  with  any  person,  was  not  resolved  upon  with-  the  baric,  and  in  the  thinnest  bark  in  which  a  shot, 
out  great  deliberation  in  his  own  mimi.  Trej  even  the  smallest,  was  ever  lodged.  Various  are 


crimmatkig  resolution,  which  it  was  his  object  to 
expunge,  was  presented  to  the  Senate,  December 


26th,   1833.     The   Senator  from   Kentucky  who   tory  of  what  y  ou  do.      For  the  Senate  to  keep  a 
introduc;  d  it  (Mr.  Clay)   commenced  a  discussion    Journal,  is  to  cause  to 


of  it  on  that  day,  which  was  continued  through 
the  months  of  January  and  February,  and  to  the 
end,  nearly,  of  the  month  of  March.  The  vote  was 
taken  upon  the  28th  of  March;  and  about  a  fort 
night  thereafter  he  announced  to  the  Senate,  his 
intention  to  commence  a  series  of  motions  for  ex 
punging  the  resolution  from  the  Journal.  Here 
then  was  nearly  four  months  for  consideration;  for 
the  decision  was  expected;  and  he  had  very  anx 
iously  considered,  during  that  period,  all  the  diffi 
culties,  and  all  the  proprieties,  of  the  st-.>p  M  hich 
he  meditated.  Was  the  intended  motion  to  clear 
the  Journal  of  the  resolution,  right  in  itself?  The 
convictions  of  his  judgment  told  him  that  it  was 
Was  expurgation  the  proper  mode?  Yes!  he  was 


the  meanings  of  th?  word  keep,  used  as  a  verb. 
To  keep  a  journal  is  to  write  down,  daily,  the  his- 
o.  For  the  Senate  to  keep  a 
to  be  written  down,  everyday, 
the  account  of  its  proceedings;  and  having  done 
that,  the  constitutional  injunction  is  satisfied-  The 
constitution  was  satisfied  by  entering  this  criminat 
ing-  resolution  on  the  Journal;  it  will  be  equally  sa- 
tified  by  entering  the  expunging  resolution  on  the 
S'ame  Journal.  In  each  case  the  Senate  keeps  a 
Journal  of  its  proceeding's. 

It  is  objected  also  that  we  have  no  right  to  de 
stroy  a  part  of  the  Journal;  and  that  to  expunge  is 
t9  destroy,  and  to  prevent  the  expunged  part  from 
beintr  known  in  future.  Not  so  the  fact,  said  Mr. 
B.  The  matter  expunged  is  not  destroyed.  It  is 
incorporated  in  the  expunging  resolution;  and  lives 
as  long  as  that  lives;  the  only  effect  of  the  expur 
gation  being  to  express,  in  the  most  emphatic 


M34748 


manner,  the  opinion  that  such  matter  ought  never 
to  \f.-ve}  been  put  in  th.e. Journal. 

Mr-B.]  said  he  tytfuBi jsujpport  these  positions  by 
Witliorfty,*  the  aiitliorft/oreifcJnejit  examples;  and 
\v(". .iH  .c.'.te .  -tye-  .cnrea,  out  ^pf '  a'.multitude  that 
n,  J*e^f  f«^1,'  Jo;  sbmvyth'.t  expunging-  was 
the  proper  c  HIIVC,  the  parliamentary  course,  in 
such  M  cast;  as  the  one  now  before  the  Senate,  and 
that  I)K-  expunged  matter  was  incorporated  and 
presf-ived  in  the  expunging1  resolution. 

Mr.  15.  then  re.-d  from  a  volume  of  British  Par- 
li'inen'.ary  history,  'he  celebrated  case  of  the  Mi- 
dlesex  election, in  which  the  resolution  to  expel  the 
famous  John  "W'i Ikes  was  expunged  from  the  Jour 
nal,  but  preserved  m  the  expurgatory  resolution, 
so  as  lobe  just  as  well  read  nowas.if  it  hid  never 
been  blotted  out  fn>m  the  Journals  of  the  British 
House  of  Commons.  The  resolution  ran  in  these 
words:  4i  That  the  resolution  of  the  House  of  the 
17th  of  February,  1769,  'that  John  Wilkes,  Esq. 
having  been,  in  this  session  of  parliament,  expel 
led  this^House,  was  and  is  incapable  of  being  elect 
ed  a  member  to  serve  in  the  present  Parliament,' 
br  expunged  from  the  Journals  of  this  House,  as 
being  subversive  of  the  rights  of  the  whole  body 
of  electors  of  this  Kingdom."  Such,  said  Mr. 
B.,  were  the  terms  of  the  expunging  resolu'ion  in 
the  rase  of  the  Middlesex  election,  as  it  was  an 
nually  introduced  from  1769  to  1782,  when  it  was 
finally  passed,  by  a  vote  of  near  three  to  one,  and 
the  clause  ordered  to  be  expunged,  was  blotted 
out  of  the  Journal,  and  obliterated  by  the  clerk  at 
the  table,  in  the  presence  of  the  whole  House, 
which  remained  silent,  and  all  business  suspended 
until  the  obliteration  was  complete.  Yet,  the  his 
tory  of  the  case  is  not  lost.  Though  blotted  out 
of  one  part  of  the  Journal,  it  is  saved  in  another; 
and  here,  at  the  distance  of  half  a  century,  and 
some  thousand  miles  from  London,  the  whole  case 
is  read  as  fully  as  if  no  such  operation  had  ever 
been  performed  upon  it. 

Having  given  a  precedent  from  British  Parlia 
mentary  history,  Mr.  B.  would  give  another  from 
American  history;  not  indeed  from  the  Congress 
of  the  assembled  States,  but  from  one  of  the  old 
est  and  most  lespectable  States  of  the  Union:  he 
spoke  of  Massachusetts,  and  of  the  resolution 
adopted  in  the  Senate  of  that  State  during  the 
late  war,  adverse  to  the  celebration  of  our  national 
victories?,  and  which,  some  ten  years  afterwards, 
was  expunged  from  the  journals  by  a  solemn  vote 
of  the  Senate.  He  read  the  case  as  follows: 
"  ERASURE  OF  THE  JOURNAL 

"The  resolution  offered  by  the  Hon.  Mr. 
Sprague,  the  17th  instant,  in  the  words  following: 

"  Whereas  a  certain  resolve  passed  the  Senate 
of  this  Commonwealth  on  the  15th  day  of  June, 
A.  D.  1813,  relating  to  the  capture  of  his  Britan 
nic  Majesty's  ship  Peacock  by  the  United  States 
ship  Hornet,  commanded  by  the  late  brave  and 
patriotic  Capt.  James  Lawrence,  in  the  words  fol 
lowing,  viz. 

'* '  Resolved,  As  the  sense  of  the  Senate  ol 
Massachusetts,  that  in  a  war  like  the  present, 
waged  without  justifiable  cause,  and  prosecutec 
in  a  manner  which  indicates  that  conquest  anc 
ambition  are  its  real  motives,  it  is  not  becoming  a 
moral  and  religious  People  to  express  any  appro 


nation  of  military  or  naval  exploits  winch  are  not 
mmediately  connected  with  the  defence  of  our 
seacoast  and  soil.' 

'And  whereas  said  resolution,  adopted  at  a  time 
of  extraordinary  political  excitement,  is  predicat 
ed  upon  an  erroiv-'ous  estimate  of  the  nature  and 
character  of  the  late  war  between  the  United 
States  nnd  Great  Britain;  and  wheieasit  involves 
and  asserts  principles,  unsound  in  policy  and  dan 
gerous  and  alarming  in  tendency — wherefore,  that 
it  may  not  hereafter  be  considered  as  expressing 
the  deliberate  sense  of  the  Senate  and  People  of 
this  Commonwealth,  at  this  time  of  uncommon  po 
litical  tranquil  ity, 

"  Revived,  That  the  aforesaid  resolve  of  the 
fifteenth  day  of  June,  A.  D.  1813,  and  the  pream 
ble  thereof,  be,  and  the  same  are  hereby,  expung 
ed  fmm  the  journals  of  the  Senate. 

"Yeas  22,  nays  15." 

Having  produced  these  two  precedents,  Mr.  B. 
said  he  would  produce  no  more,  though  he  had 
seen  two  instances  of  expunging  matter  from  the 
journals,  in  State  Legislatures,  during  the  present 
winter,  and  in  fact  within  a  month  past.  He  be 
lieved  he  could  show  great  numbers  of  such  pre 
cedents,  and  that  in  States  whose  constitutions 
contained  the  same  injunction  with  respect  to 
keeping  a  journal  which  was  found  in  the  consti 
tution  of  the  United  States.  Mr.  B.  then  referred 
,o  the  terms  of  the  resolution  which  he  had  sub 
mitted,  and  showed  that  it  conformed  to  the  pre 
cedents  which  he  had  produced  from  Massachu 
setts  and  Great  Britain,  both  in  using  the  word  ex 
punge,  and  in  setting  forth  the  clause  to  be  ex 
punged  in  the  body  of  the  expurgatory  resolution. 

Mr.  B.  then  said,   the  word  which   he  had 

used  was  parliamentary;  the  motion  which  he  had 
made  was  parliamentary.  He  had  a  right  to  use 
the  word,  and  to  make  them  otion,  and  to  argu- 
freely  in  support  of  it;  and  he  had  been  astonish 
ed  at  the  sensibility  which  had  been  shown,  and 
the  small-sized  objections  which  had  been  taken 
to  the  course  which  he  had  adopted;  objections 
of  a  kind  which  had  never  been  heard  of  before 
on  a  similar  motion. 

Mr.  B.  said  there  was  another  objection  to  his 
motion  which  he  would  notice,  because  it  went  to 
the  substance  of  his  proceeding;  it  was  the  objec 
tion  brought  forward  some  weeks  ago  at  the  pre 
sentation  of  the  Alabama  instructions  to  her  Sena 
tors  on  the  subject  of  this  motion,  and  which  took 
it  up  as  a  question  of  dignity  to  the  Senate!  It 
seemed  to  be  considered  as  an  attack  upon  the 
dignity  of  the  Senate!  Not  so  the  fact.  The  mo 
tion  is  not  intended  to  degrade  the  Senate?  not 
intended  to  impair  its  dignity;  nor  will  such  be 
the  effect;  but  the  contrary.  True  dignity  is  best 
consulted  in  correcting  errors,  and  in  listening 
calmly  to  the  voice  which  undertakes  to  show  the 
existence  of  errors  which  require  correction. 
True  dignity  requires  this  Senate  to  listen  to  this 
motion  with  calmness  and  patience,  as  the  British 
House  of  Commons  listened  to  the  motions  to  ex 
punge  the  famous  Middlesex  resolutions  from 
their  journals,  and  as  the  Massachusetts  Senate 
listened  to  the  motion  to  expunge  from  their  jour 
nals  the  resolution  adopted  in  a  season  of  great 
excitement,  and  wkich  a  season  of  calmness  made 


all  feel  ought  never  to  have  been  put  there.  This 
is  what  true  dignity  required  from  the  Senate,  and 
he  trusted  it  WHS  what  the  Senate  would  he  found 
to  exhibit. 

A  year  ago,  said  Mr.  13.  the  Senate  tried  Pre 
sident  Jackson;  now  the  Senate  itself  is  on  trial; 
nominally  before  itself;  but  in  reality  before  Ame 
rica,  Europe,  and  posterity.  We  shail  give  our 
voices  in  our  own  case;  we  shall  vote  for  or  against 
this  motion,  and  the  entry  upon  the  record  will 
be  according  to  the  majority  of  voices.  But 
that  is  not  the  end,  but  the  beginning  of  our  trial 
We  shall  be  judged  by  others,  by  the  public,  by 
the  prc  sent  ag-e,  and  by  all  posterity!  The  pro 
ceedings  of  this  case,  and  of  this  day,  will  not  be 
limited  to  the  present  age;  they  will  go  down  to 
posterity,  and  to  the  latest  ages.  President  Jack 
son  is  not  a  character  to  be  forgotten  in  history. 
His  name  is  not  to  be  confined  to  the  dry  catalogue, 
and  official  nomenclature,  of  mere  American  Pre 
sidents.  Like  the  great  Romans  who  attained 
the  consulship,  not  fey  the  paltry  aits  of  elec 
tioneering,  but  through  a  series  of  illustrious  deeds, 
his  name  will  live,  not  for  the  offices  he  filled,  but 
for  the  deeds  which  he  performed.  He  is  the 
first  President  that  has  ever  received  the  condem-  i 

nation  of  the  Sen-.te  for  the  violation  of  the   law;)  and  he  uses  the  remarkable  expression  which  ac- 
and    the   constitution,  the  first    whose    name  is)  knowledges  the  duty  of  Parliament  to  obey  the 
borne  upon  the  journals  of  the  American  Senate!  will  of  the  People.     "  They  had  declared  their  sen- 
for  the  violation  of  that  constitution   which  he   is 
sworn  to  observe,  and  of  those  laws  which   he  is 
bound  to  see   faithfully  executed.     Such  a  con- 


in  a  more  clear  and  distinct  manner  than  on  this 
point  of  the  first  magnitude  for  all  the  electors  of 
the  kingdom,  and  I  trust  will  now  be  heard  favora 
bly." 

He  then  read  from  Mr.  Fox's  speech.  Mr. 
Fox  had  heretofore  opposed  the  expunging  reso 
lution,  but  now  \  ielded  to  it  in  obedience  to  the 
voice  of  the  People.  "  He  (Mr.  Fox)  had  turned 
the  question  often  in  his  min;!,  and  he  was  still  of 
opinion  that  the  resolution  which  gentlemen 
wanted  to  expunge,  was  founded  on  proper 
principles."  *  *  *  *  "  Though  he  opposed 
the  motion,  he  felt  very  little  anxiety  for  the 
event  of  the  question;  for  when  he  found  the  voice 
of  the  People  was  against  the  privilege,  a-;  he  be 
lieved  was  the  case  at  present,  he  would  not  pre 


"  The 
had   declared  their 


serve  the  privilege." 
People  hut  associated;  they 
sentiments  to  Parliament,  and  had  taught -^Parlia 
ment  to  listen  to  the  voice  of  their  constituents." 
Having  read  these  passages,  Mr.  B.  said  they 
were  the  sentiments  of  an  Knglish  whig  of  the  old 
school.  Mr-  Fox  was  a  whig  of  the  old  school. 
He  acknowledged  ihe  right  of  the  People  to  in 
struct  the:r  representatives.  He  yielded  to  the  gene 
ral  voice  himself,  though  not  specially  instructed; 


timents  to  Parliament,  and  had  taught  Parliament 
to  listen  to  the  voice  of  their  constituents"  '  This, 


said  Mr.  B.,  was  fifty  years  ago;  it  was  spoken  by  a 


demnation  cannot  escape  the  observation  of  histo- !  member  of  Parliament,  who,   besides  being  the 
ry.     It  will   be  read,  considered,  judged!    when  first  debater  of  his  age,  was  at  that  time  Secretary 


the  men     of  this   day,    and  the  passions  of  this 
hour,  shall  have  passed  to  eternal  repose. 


at  War.     H3  acknowledged   the  duty   of  Parlia 
ment  to  obey  the  voice   of  the  People.     The  son 


Before  he  proceeded  to  the  exposition  of  the  of  a  peer  of  the  realm,  and  only  not  a  peer  himself 
case  which  he  intended  to  make,  he  wished  to  because  he  was  not  the  eldest  son,  he  still  ac- 
avail  himself  of  an  argument  which  had  been  con-|  knowledged  the  great  democratic  principle  which 
elusive  elsewhere,  and  which  he  trusted  could  not  I  lies  at  the  bottom  of  all  representative  govern- 
be  without  effect  in  this  Senate.  It  was  the  ar-|ment.  After  this,  after  such  an  example,  will 
gument  of  public  opinion.  In  the  case  of  the  American  Senators  be  unwilling  to  obey  the  Peo- 
Middlesex  election,  it  had  been  decisive  with  the  |  pie?  Will  they  require  the  People  to  teach  Con- 
British  House  of  Commons;  in  the  Massachu-i  gress  the  lesson  which  Mr.  Fox  s^ys  the  English 
setts  case,  it  had  been  decisive  with  the  people  had  taught  their  Parliament  fifty  years  ago? 
Senate  of  that  State.  In  both  these  cases  many  (The  voice  of  the  People  of  the  United  States  had 
gentlemen  yielded  their  private  opinions  to  public  i  been  heard  on  this  subject.  The  elections  de- 
sentiment;  and  public  sentiment  having  been  I  dared  it.  The  vote  <f  imny  Legislatures  de- 


well  pronounced  in  the  case  now  before  the  Se 
nate,  he  had  a  right  to  look  for  the  same  deferen 
tial  respect  for  it  here  which  had  been  shown  else 
where. 

Mr.  B.  then  took  up  a  volume  of  British  Parlia 
mentary  History  for  the  year  1782,  the  22d  vol 
ume,  and  read  various  passages  from  pages  1407, 
'8,  '10,  '11,  to  show  the  stress  which  had  been 
laid  on  the  argument  of  public  opinion  in  favor  of 
expunging  the  Middlesex  resolutions,  and  the  de 
ference  which  was  paid  to  it  by  the  House,  and  by 
members  who  had,  until  then  opposed  tke  mo 
tion  to  expunge.  He  read  first  from  Mr.  Wilkes's 
opening  speech,  on  renewing1  h<s  annual  motion 
for  the  fourteenth  time,  as  follows: 

"If  the  People  of  England,  sir,  have  at  any 
time  explicitly  and  fully  declared  an  opinion  re- 


claredit.  From  the  confine.-  fuie  Kepublir.  t  ie 
voice  of  the  People  came  rolling  in, — as.vellmg 
tide,  rising  as  it  flowed, — and  covering  the  Capitol 
with  its  mountain  waves.  C«n  that  voice  be  disre 
garded?  Will  members  of  a  republican  Congress 
be  less  obedient  to  the  voice  cf  the  People  than 
were  the  representativ«s  of  a  monarchical  House 
of  Commons' 

Mr.  B.  then  proceeded  to  the  argument  of  his 
motion.  He  moved  to  expunge  the  resolution  •>{ 
March  2Sth,  1834,  from  thejourna's  of  the  Senate, 
because  ft  was  illegal  and  unjust— vague  and  in 
definite,  A  crinvnal  cha:-ge  without  specification — 
unwarranted  by  the  constitution  and  laws — sub 
versive  nf  the  rig'hts  of  defence  which  belong  to 
an  accused  and  impeachable  officer — of  evil  exam 
ple — and  adopted  at  a  time  and  under  circurostan- 


specting  a  momentous  constitutional  question,  it;  ces  to  involve  the  political  rights  and  the  pecunia- 
has  been  in  regard  to  the  Middlesex  election  injry  interests  of  the  People  of  the  United  States  in 
1768."  *  *  *  **  Their  roice  was  never  heard  peculiar  da nerer  an-i  serious  injury. 


These  reasons  for  expunging  the  criminating 
resolution  from  the  journals,  Mr.  B.  said,  were  not 
phrases  collected  and  parade  d  for  effect,  or  strung 
togc-'h  r  for  harmony  of  sound.  They  were  each 
ilely  and  indiv  dually,  substantive  reasons; 
every  word  an  allegation  of  fact,  or  of  law.  With 
out  going  ful'y  into  the  argument  now,  he  would 
make  an  exposition  which  would  lay  open  his 
meaning,  and  enable  each  allegation,  whether  of 
law  or  of  fact,  to  be:  fully  understood,  and  replied 
to  in  the  sense  intended. 

1.  Illegul  and  unjust. — These  were  the  first 
heads  under  which  Mr.  B.  would  develope  his  ob 
jections,  he  would  say,  the  outline  of  his  objec- 
tioi  -  to  the  resolution  proposed  to  be  expunged. 
He  held  it  to  be  illegal,  because  it  contained  a 
crirr  inal  charge,  on  which  the  President  might  be 
imp*,  ached,  and  for  which  he  might  be  tried  by 
the  Senate.  The  resolution  adopted  by  the  Senate 
is  precisely  the  first  step  taken  in  the  House  of 
Representatives  to  bring  on  an  impeachment.  It 
was  a  resolution  offered  by  a  member  in  his  place, 
containing  a  criminal  charge  aguinst  an  impeacha 
ble  officer,  debated  for  a  hundred  days,  and  then 
voted  upon  by  the  Sc-nate,  and  the  officer  voted  to 
be  guilty.  This  is  the  precise  mode  of  bringing 
on  an  impeachment  in  the  House  of  Representa 
tives;  and  to  prove  it,  Mr.  B.  would  read  from  a 
work  of  approve  authority  on  parliamentary  prac 
tice;  it  was  from  Jefferson's  Manual.  Mr.  B.  then 
read  from  the  Manual  under  the  section  entitled 
Impeachment,  and  from  that  head  of  the  section 
ent  tied  Accusation.  The  writer  was  giving  the 
British  parliamentary  practice,  to  which  our  own 
constitution  is  conformable.  "The  Commons,  as 
the  grand  inquest  of  the  nation,  bec®me  suitors  for 
penal  justice.  The  general  course  is  to  pass  a 
resolution  containing  a  criminal  charge  against  the 
supposed  delinquent,  and  then  to  direct  some 
member  to  impeach  him  by  oral  accusation  at  the 
bar  of  the  House  of  Lords,  in  the  name  of  the 
Commons. " 

Repeating  a  clause  of  what  he  had  read,  Mr.  B. 
said,  the  general  course  is  to  pass  a  criminal  charge 
against  the  supposed  delinquent.  This  is  exactly 
what  the  Senate  did;  and  what  did  it  do  next? 
Nothing.  And  why  nothing?  Because  there  was 
nothing  to  be  done  by  them,  but  to  execute  the 
sentence  they  had  passed;  and  that  they  could  not 
do.  Penal  justice  was  the  sequence  of  the  reso 
lution?  and  a  judgment  of  penalties  could  not  be 
attempted  on  such  an  irregular  proceeding.  The 
only  kind  of  penal  justice  which  the  Senate  could 
inflict  wasthut  of  public  opinion;  it  was  to  ostracise 
the  President,  and  to  expose  him  to  public  odium, 
as  a  violater  of  the  laws  and  constitution  of  his 
country.— Having  shewn  the  resolution  to  be  ille 
gal,  Mr.  B.  would  pronounce  it  to  be  unjust;  for  he 
affirmed  the  resolution  to  be  untrue;  he  maintain 
ed  that  the  President  had  violated  no  law,  no  part 
of  the  constitution,  in  dismissing  Mr.  Duane  from 
the  Treasury,  appointing  Mr.  Taney,  or  causing 
the  deposites  to  be  removed;  fer  these  were  ihe 
specifications  contained  in  the  original  resolution, 
also  in  the  second  modification  of  ihe  resolution' 
and  intended  in  the  third  modification  when  strip' 
ped  of  specifications,  and  reduced  to  a  vague  and 
general  charge,  it  was  in  this  shape  of  a 'general 


charge  that  the  resolution  passed.  No  new  speci 
fications  were  even  suggested  in  debate.  The 
alterations  were  made  voluntarily,  by  the  friends 
of  the  resolution,  at  the  Last  moment  of  the  debate, 
and  just  when  th  •  vote  was  to  be  taken.  And  why 
were  the  specifications  then  dropped?  Because 
no  majority  couid  be  found  to  agree  in  them?  or 
because  it  was  thought  prudent  to  drop  the  name 
of  the  Bank  of  the  United  States.'  or  for  both 
these  reasons  together  ?  Be  that  as  it  may,  suid 
Mr.  B.the  condemnation  of  the  President,  and  the 
support  of  the  Bank,  were  connected  in  the  reso 
lution,  and  will  be  indi^solubly  connected  in  the 
public  mind;  and  the  President  was  unjustly  con 
demned  in  the  same  resolution  that  bef.  iended  and 
sustained  the  cause  of  the  Bank.  He  held  the 
condemnation  to  be  untrue  in  point  of  fact,  and 
therefore  unjust;  for  he  maintained  that  there  was 
no  breach  of  the  laws  and  constitution  in  any  thing 
that  President  Jackson  did  in  removing  Mr.  Duane, 
or  in  appointing  Mr.  Taney,  or  in  causing  the  de 
posites  to  be  removed.  There  was  no  violation  ef 
law,  or  constitution,  in  any  part  of  these  proceed 
ing?;  on  the  contrary  the  whole  country,  and  the 
Government  itself,  was  redeemed  from  the  domin 
ion  of  a  great  and  daring  moneyed  corporation,  by 
the  wisdom  and  energy  of  these  very  proceed 
ings. 

2.  Vague  and  indefinite;  a  criminal  charge  with 
out  specification. — Such  was  the  resolution,  Mr. 
B.  said,  when  it  passed  the  Senate;  but  such  it  was 
not  when  first  introduced,  nor  even  when  first 
altered;  in  its  first  and  second  forms  it  contained 
specifications,  and  these  specifications  identified 
the  condemnation  of  the  President  with  the  de 
fence  of  the  Bank;  in  its  third  form  these  specifi 
cations  were  omitted,  and  no  others  were  substi 
tuted;  the  Bank  and  the  resolution  stood  discon 
nected  on  the  record,  but  as  much  connected  in 
fact  as  ever.  The  resolution  was  reduced  to  its 
vague  and  indefinite  form  on  purpose,  and  in  that 
circumstance  acquired  a  new  character  of  injustice 
to  President  Jackson.  His  accusers  should  have 
specified  the  l»w,  and  the  clause  in  the  constitu 
tion  which  was  violated;  they  should  have  speci 
fied  the  acts  wh;ch  constituted  the  violation. 
This  was  due  to  the  accused  that  he  might 
know  on  what  points  to  defend  himself;  it 
was  due  to  the  public,  that  they  might  know  on 
what  points  to  hold  the  accusers  to  their  responsi 
bility,  and  to  make  them  accountable  for  an  unjust 
accusation.  To  sustain  this  position  Mr.  B.  had 
recourse  to  history  and  example,  and  produced  the 
case  of  Mr.  Giles's  accusation  of  Gen.  Hamilton, 
then  Secretary  of  the  Treasury,  in  the  y*ar  1793. 
Mr.  Giles,  he  said,  proceeded  in  a  manly,  respon 
sible  manner.  He  specified  the  law,  and  the  al 
leged  violations  of  the  law;  so  that  the  friends  of 
Gen.  Hamilton  could  see  what  to  defend,  and  so 
as  to  make  himself  accountable  for  the  accusa 
tion.  He  specified  the  law,  which  he  believed  to 
be  violated,  by  its  date,  and  its  title;  and  he  speci 
fied  the  two  instances  in  which  he  held  that  Jaw  to 
have  been  infringed.  Mr.  15.  then  read  Mr.  Giles's 
resolution  as  follows: 

"Resolved,  That  the  Secretary  of  the  Treasury 
has  violated  the  law  passed  the  4th  oP'August, 
1790,  making  appropriation  of  certain  moneys  au- 


thorized  to  be  borrowed  by  the  same  law,  in  the   or  to  conciliate  the  vote  s  of  all  who  were  willing  to 
following- particulars,  to  wit:  j  condemn   the   President,    but  could  not  tell 

"  1.  By  applying  a  certain  portion  of  the  prin-  j  what,  it  was  not  for  him  to  say;  but  one  thing-  he 
cipal  borrowed  to  the  payment  of  interest  fulling  would  venture  to  say.  that  the  majority  who  agreed 
due  upon  that  principal,  which  was  not  authorized  j  in  passing  a  general  resolution,  containing  a  crim- 


by  that,  or  any  other  law. 

"2.  By  drawing  part  of  the  same  moneys  into 
the  United  Slates,  without  the  instructions  of  the 
Pr<  s'dentof  the  United  States." 

Mr,  B.  s\id  he  had  a  double  object  in  quoting 
th's  resolution  of  Mr.  Giles  which  was  intended  to 
lay  the  foundation  for  an  impeachment  against 
General  Hamilton;  it  was  to  show,  first,  the  spec 


inal  charge  against  President  Jackson,  for  violat 
ing  the  laws  and  the  constitution,  cannot  now  agree 
in  naming  the  law,  or  the  clause  in  the  constitution 
violated,  or  in  specifying  any  act  constituting  such 
violation.  And  here  Mr.  B.  paused,  and  offered 
to  give  way  to  the  gentlemen  of  the  opposition,  if 
they  would  now  undertake  to  specify  any  act 
which  President  Jackson  had  done  in  violation  of 


ality   with    which    these   criminating    resolutions  j  law  or  constitution. 

should  be  drawn;  next,  to  show  the  absence  of  any        3.  Unwarranted  by  the  constitution  and  laws. — 

allegation  of  corrupt  or  wicked  intention.     The    Mr.  B.  said  this  head  explained  itself.     It  needed 


meie  violation  of  law  was  charged  as  the  offence, 
as  it  was  in  three  of  the  articles  of  the  impeachment 
against  Judgo  Ciiase;  and  thus  the  absence  of  an 
allegation  of  corrupt  intention  in  the  resolution 


no  developementto  be  understood  by  the  Senate 
or  the  country.  The  President  was  condemned, 
without  the  form  of  a  trial;  and  therefore  his  conn 
demoation  was  unwarranted  by  the  constitution 


adopted  Against  President  Jackson,  was  no  argru- 1  and  laws. 

ment  against  its  impeachment  character,  especially  j      4.   Subversive  of  the  rights  of  defence  which 

belong  to  an  accused,  and  impeuchable  officer.—- 


as  exhibited  in  its  first  and  second  form  with  the 
criminal  averment,  "  dangerous  to  the  liberties  of 


the  pe<  pie." 

For  the  purpose  of  exposing  the  studied  v;igue 
ness  of  the  resolution  as  passed,  detecting  its  con 
nexion  with  the  Bank  of  the  United  States,  de 


This  head,  also,  Mr.  B.  said  explained  itself.      An 


accused  person  had  a  right  to  be  heard  before  he 
was  condemned;  an  impeachable  officer  could  not 
be  condemned  unheard  by  the  Senate  without 
subverting  all  the  rights  of  defence  which  belong 

monstrating  its  criminal  character  in  twice  retain-  to  him,  and  disqualifying  the  Senate  to  act  as  im- 
ing  the  criminal  averment,  "  dangerous  to  the  liber-  \  partial  judges  in  the  event  of  his  being  regularly 
ties  of  the  PeopL;"  and  showing  the  progressive  impeached  for  the  same  offence.  In  this  case,  the 
changes  it  had  to  undergo  before  it  could  concili-  House  of  Representatives,  if  they  confided  in  the 
ate  a  majority  of  the  votes,  Mr.  B.  would  exhibit  Senate's  condemnation,  would  send  up  an  impeach- 
all  three  of  the  resolutions,  and  read  them  side  ment;  that  they  hud  not  done  so,  was  proof  that 
by  side  of  each  other,  as  they  appeared  before  the  they  hud  no  confidence  i -\  the  correctness  of  our 
Senate  in  the  first,  second,  and  third  forms  which  decision. 

they  were  made  to  wear.  They  appeared  first  in  5.  Of  evil  example. — Nothing  said  Mr.  B.  could 
thtir  embryo,  or  primordial  form;  then  they  as-  be  more  unjust  and  illegal  in  itself,  and  therefore 
sumed  their  aurelia,  or  chrysalis  state;  in  the  third  more  evil  in  example,  than  to  try  people  without  a 
stage,  they  reached  the  ultimate  perfection  of  their  hearing,  and  condemn  them  without  defence.  In 

this  case  such  a  trial  and  such  a  condemnation  was 
aggravated  by  the  refusal  of  the  Senate,  after  their 
sentence  was  pronounced,  to  receive  the  defence 
of  the  President,  and  let  it  be  printed  for  the  in 
spection  of  posterity!  So  that,  if  this  criminating 
resolution  is  not  expunged,  the  singular  spectacle 
will  go  down  to  posterity,  of  a  co;id  mnation,  and 
•A  refusal  to  permit  an  answer  from  the  condemned 
person,  standing  recorded  on  the  pages  of  the 
same  journal! — Mr.  B.  said,  the  Senate  must  look 
forward  to  the  time,  far  ahead  perhaps,  but  a 
time  which  may  come,  when  this  body  may 
be  filled  with  disappoint  d  competitors,  or 
personal  enemies  of  the  President,  or  of  aspi 
rants  to  the  very  office  which  h.«  holds,  and  who 
m^y  not  scruple  to  undertake  to  cripple  him  by 
Senatorial  condemnations;  to  atta  iV.  him  by  con- 
viction-;  to  ostracise  him  by  vote;  and  lest  this 
should  happen,  and  the  present  condemnation  of 
President  .Jackson  should  become  the -precedent 
for  such  an  odious  proceeding,  the  evil  example 
should  be  arrested,  should  be  removed,  by  ex 
punging  the  present  senior!  :e  from  the  Journals 
of  the  Senate.  And  here  M  •.  B.  would  avail 
hin  self  of  a  voice  which  had  often  been  he^rd  in 
the  two  Houses  of  Con^res«,  and  always  with  re- 
It  was  the  voice  of  a  wise 
a  goad  man,  a  patriot;  one 


imperfect  nature. 

First  Form. 

Second  Form.             TJiird  Form. 

26tft  Dec.,  1833 

March  2S*A,  1  834. 

March  28th,  1834- 

"  Resolved,  That  by 

"  Resolved,    That 

"  Resolved,   That 

dismissing    the    late 

in  taking  upon  him 

the  President,  in  the 

Secretary     of      the 

self  the  responsibili 

ate  Executive  i>ro- 

Trcnsury,  because  he 

ty  of  removing  thejceedinps  in  relation 

would  not,  contrary 

deposite  of  the  pub 

to  the  public  reven 

to    his  sense   of  his 

lic  money  from  the 

ue,  has  assumed  up 

own    duty,     remove 

Bank  of  the  United 

on  himself  authori 

the  money  of  the  U. 

States,  the  ^resident 

ty    and   power   not 

States,     in    deposit*- 

•  >f  tho  United  States 

conferred    by      the 

with  the  .'  a:ik  of  the 

has  assumed  the  ex 

constitution         nml 

United  States  and  iis 

ercise    of   a   power 

laws,    but  in   dero 

brancli'-s,  in  confor 

nver   the   Treasury 

gation  of  both." 

mity  with  the  Prcsi 

of  the  United  State.1- 

dent's    opinion,  and 

not  granted  to  him 

by  appointing  hissuc- 

ly  the  constitution 

cefisor  to  niiike  *ueh 

and  laws,   and  livn 

removal,   which   lias 

geroos  to  the  liber 

been  done,   the  Pre 

ties  of  'he  people.'' 

sident   hqs    assumed  |                                       | 

the      exercise    of    a> 

power  over  the  Trea 

sury   of  the    United 

States,    not    granted 

to  him  by  the  consti 

tution  and  laws,  and 

dangeroi1-*  to  the  lib 

erties  of  the  people." 

Having   exhibited  the  original  resolution,  with 

its  variations.  Mr.  B.  would  leave  it  to   others  to 

explain  the   reasons  of  such    extraordinary  meta- 

morphosts.     Whether  to  get  rid  of  the  Bank  as-   spect  and  venerat:on 
sociation,  or  to  get  ri:l  of  the  impeachment  clause,   man,  :m  limes',  man, 


8 


who  knew  no  cause  but  the  cause  of  his  country; 
and  who,  a  quarter  of  a  century  ago,  foresaw, and 
described  the  scenes  of  this  day,  and  foretold  the 
consequences  which  must  have  happened  to  any 
other  President  under  the  circumstances  in  which 
President  Jackson  has  been  placed.  He  spoke  of 
NATHANIEL  MAC  ON,  of  North  Carolina;  and 
of  the  sentiments  which  he  expressed  in  the  year 
1810,  when  called  upon  to  give  a  vote  in  approba 
tion  of  Mr.  Madison's  conduct  in  dismissing  Mr. 
Jackson,  the  then  British  minister  to  the  United 
States.  He  opposed  the  resolution  of  approba 
tion,  because  the  House  had  nothing  to  do  with 
the  President  in  their  legislative  character  except 
the  passing  of  laws,  calling  for  information,  or  im 
peaching;  and  looking  into  the  evil  consequences 
of  undertaking  to  judge  the  President's  conduct, 
he  foretold  the  exact  predicament  in  which  the 
Senate  is  now  involved  with  respect  to  President 
Jackson.  Mr.  B.  then  read  extracts  from  the 
speech  of  Mr.  Macon  on  the  occasion  referred  to: 

"  I  am  opposed  to  the  resolution,  not  for  the 
reasons  which  have  been  offered  against  it,  nor  for 
any  which  can  be  drawn  from  the  documents  be 
fore  us,  but  because  I  am  opposed  to  addressing 
the  Presidi  nt  of  the  United  States  upon  any  sub 
ject  whatever.  We  have  nothing  to  do  with  him 
in  our  I  g  illative  character,  except  the  passing 
of  laws,  calling  on  him  for  information,  or  to  im 
peach.  On  the  day  of  the  Presidential  election, 
we,  in  common  with  our  fellow  citizens,  are  to 
pass  on  his  canduct;  and  resolutions  of  this  sort 
will  have  no  weight  on  that  day.  It  is  on  this 
ground  solely  that  I  am  opposed  to  adopting  any 
resolution  whatever  in  relation  to  the  Executive 
conduct.  If  the  National  Legislature  can  pass 
resolutions  to  approve  the  conduct  of  the  Presi 
dent,  may  they  not,  also,  pass  resolutions  to  cen 
sure;  and  what  would  be  the  situation  of  the  coun 
try,  if  we  were  now  discussing  a  motion  to  request 
the  President  to  recall  Mr.  Jackson,  and  again  to 
endeavor  to  negotiate  with  him." 

"  To  me  it  appears,  on  a  fair  examination  of  his 
letters,  that  he  was  properly  dismissed.  Hut  to  the 
resolution:  it  will  not  be  denied  that  either  House 
might  pass  an  approbatory  resolution,  without  ask 
ing  the  concurrence  of  the  other.  Then,  what 
would  be  the  situation  of  the  Gove  nment  or  the 
country,  if  one  br.mch  of  the  Legislature  was  of  a 
different  party  from  the  Executive,  and  the  branch 
agreeing  uithihe  President  should  pass  an  ap 
probatory  resolution;  might  we  not,  from  our 
knowledge  of  the  intolerant  spirit  of  par 
ty,  *  xpect  the  other  branch  to  pass  one  to  cen 
sure.  But  suppo-ing  both  branches  opposed  to 
the  Executive,  and  they  pass  joint  resolutions 
against  him,  what,  thi-n,  becomes  of  the  Executive)1 
Strong  as  it  is,  with  all  its  patronage  it  must  fill. 
No  Executive  could  maintain  itself  in  this  situa 
tion.  This  state  of  things  would  agitate  every 
part  of  the  nation,  and  shake  the  Union  itself; 
and  thi.*  Government  is  s»  organized  that  it  is  not 
impossible  that  all  this  may  happen.  This  House 
is  elected  for  two  years,  the  Senate  for  six,  and  the 
President  for  four.  If  it  ever  should  happen,  I 
fear  you  would  not  only  have  no  President,  but 
no  Federal  Government.  This  would  be  a  very 
different  case  from  that  which  took  place  when 


Congress  repealed  a  law,  because  it  was  opposed 
by  part  of  the  nation.  That  opposition  was  used 
as  an  argument  to  shake  the  firmness  of  the  Na 
tional  Legislature,  and  it  succeeded.  I  have, 
since  I  had  a  seat  in  the  House,  heard  a  great  deal 
about  foreign  influence;  I  have  never  believed 
much  in  it;  but  if  events  like  these  I  have  mention 
ed  should  ever  take  place,  you  may  look  for  for 
eign  influence." 

6.  At  a  time,  and  under  circumstances,  to  in 
volve  the  political  rights  and  pecuniary  interests 
of  the  people  of  the  United  States  in  serious  injury 
and  peculiar  danger. — This  head  of  his  argument, 
Mr.  B.  said,  would  require  a  development  and  de 
tail  which  he  had  not  deemed  it  necessary  at  this 
time,  considering  what   had  been  said  by  him  at 
the  last  session,  and  what  would  now  be  said  by 
others,  to  give  to  the  other  reasons  which  he  had 
so  briefly  touehed.     But  at  this  point  he  apnroach- 
ed  new  ground;  h*  entered  a  new  field;  he   saw 
an  extended  horizon  of  argument  and  fact  expand 
before  him!  and  it  became  necessary  for  him  to 
expand  with  his  subject.     The  condemnation  of 
the  Presi 'lent    is  indissolubly  connected  with  the 
cause  of  the  Bank!     The  first  form  of  the  resolu 
tion  exhibited   the    connexion;  the   second   form 
did  also;  every  speech   did   the   same;  for  every 
speech  in  condemnation  of  the   President  was  in 
justification  of  the  Bank;  every  speech  in  justifi 
cation  of  the  President  was  in  condemnation  of  the 
Bank;  and  thus  the  two   objects  were  identical 
and  reciprocal.     The  attack  of  one  was  a  defence 
of  the  other;  the  defence  of  one  was  the  attack 
j  of  the  other.     And  thus  it  continued  for  the  long 
protracted  period  of  nearly  one  hundred  days, — 
'  from  December  26th,  1833,  to  March  28th,  1834; 
when,  for  reasons   not   explained   to  the  Senate, 
upon  a  private  consultation  among  the  friends  of 
the  resolution,  the  mover  of  it   came  forward  to 
the  Secretary's  table,    and  voluntarily  made  the 
alterations  which  cut  the  connexion  between   the 
Bank  and  the   resolution!  but   it  stood   upon  the 
j  record,  by  striking  out  every  thing  relative  to  the 
i  dismissal  of  Mr.  Duane,   the  appointment  of  Mr- 
Taney,  and  the  removal  of  the  deposites.     But  the 
'  alteration  was  made  in  the  record  only.     The  con- 
|  nexion  still  subsisted  in  fact;  now  lives  in  memo- 
'  ry,  and  shall  live  in   history.     Ye*,  sir,  said  Mr.  B. 
1  addressing  himself  to  the  President  of  the  Senate; 
;  yes,  sir,  the  condemnation  of  the  President  was  in 
dissolubly  connected  with  the  cause  of  the  Bank; 
I  with  the  removal  of  the  deposites,  the  renewal  of 
!  the  charter,  the  restoration  of  the   deposites,  the 
I  vindication    of  Mr.   Duane,   the  rejection   of  Mr. 
Taney,  the  fate  of  elections,  the  overthrow  of  the 
'  Jackson  administration,  th^  fall  of  prices,  the  dis 
tress  meetings,  the  distress  memorials,  the  distress 
commit' ees,  the  distress  speeches;  and  all  the  long 
list   of  hapless   measures  which  .Astonished,  terri 
fied,  afflicted,  and  deeply  injured  the  country  du 
ring  the  long  and  agonized  protraction  of  the  fa- 
mous   PANIC  SESSION.     All   these    things  are 
connected,  said  Mr.  B.,  and  it  became  his  duty  to 
place  a  part  of  the   proof  which  established  the 
connexion  before  the  Senate  and  the  people. 

Mr.  B.  then  took  up  the  appendix  to  the  report 
made  by  the  Senate's  Committee  of  Finance  on 
the  Bank,  commonly  called  Mr.  Tyler's  Report, 


and  read  extracts  from  instructions  sent  to  two- 
and -twenty  branches  of  the  Bank,  contemporane 
ously  with  t'ie  progress  of  the  debate  on  the  crim 
inating  resolutions;  the  object  and  effect  of  which, 
ai  d  their  connexion  with  the  debate  in  the  Senate, 
would  be  quickly  seen.  Premising-  that  the  Bank 
had  despatched  orders  to  the  same  branch.es  in 
the  month  of  August,  and  had  curtailed  $4,066,- 
000,  and  again  in  the  month  of  ( ictober  to  curt  a  1 
$5,825,000,  and  to  increase  the  rates  of  their  ex 
change,  and  had  expressly  stated  in  a  circular  on 
the  17th  of  that  month,  that  this  reduction  would 
place  the  branches  in  a  position  of  entire  security, 
Mr.  B.  invoked  attention  to  the  shower  of  orders, 
and  their  dates,  which  he  was  about  to  read.  He 
read  passages  from  page  77  to  82,  inclusive.  They 
were  all  extracts  of  letters  from  the  President  of 
the  Bank  in  person  to  the  Presidents  of  the  branch 
es;  /or  Mr.  B.  said  it  must  be  remembered,  as  one 
of  the  peculiar  features  of  the  Bank  attack  upon 
the  country  last  winter,  that  the  whole  business  of 
conducting  this  curtailment,  and  raising  exchang 
es,  and  doing  whatever  it  pleased  with  the  com 
merce,  currency,  and  business  of  the  country,  was 
withdrawn  from  the  Board  of  Pirectors,  and  con 
fided  to  one  of  those  convenient  committees  of 
which  the  President  is  ex-officio  member,  and 
creator;  and  which,  in  this  case,  was  expressly 
absolved  from  reporting  to  the  Board  of  Directors! 
The  letters  then  ate  all  from  Nicholas  Diddle, 
President,  and  not  from  Samuel  Jaudon,  Cashier, 
and  are  addressed  direct  to  the  Presidents  of  the 
branch  banks.  Mr.  B.  read: 

January  22d,  1834  — 'The  present  situation  of 
the  bank,  and  the  new  measures  of  hostility  which 
are  understood  to  be  in  contemplation,  make  it 
expedient  to  place  the  institution  beyond  the 
reach  of  all  danger."  It  then  directs  that  by  the 
first  cf  March  the  discount  line  shall  be  reduced 
to  a  sum  named,  being  the  branches' proportion  of 
a  curtailment  of  $3,220,000,  to  be  effected  in 
about  two  months,  and  raises  exchange  on  New 
Orleans  to  not  less  than  two  per  cent,  discount, 
with  a  limitation  to  purchase  except  on  New  Or 
leans  and  the  North  Atlantic  cities.  This  letter  is 
directed  to  the  Cashiers  of  the  branches  at  Cin 
cinnati,  Lexington,  .Louisville,  St.  Louis,  Nash 
ville,  and  Natchez. 

January  30th,  1834. — "  With  a  view  to  meet 
the  coming  crisis  in  the  banking1  concerns  of  the 
country,  and  especially  to  provide  against  new 
measures  of  hostility  understood  to  be  in  contem 
plation  by  the  Executive  officers  at  Washington, 
a  general  reduction  has  been  ordered  at  the  several 
offices,  and  I  have  now  to  ask  your  particular  at 
tention  to  accomplish  it  "  *  *  * 
**  On  the  defeat  of  these  nv  asures  to  destroy  the 
Bank,  depends,  in  ovir  deliberate  ju  Igment,  not 
merely  the  pecuniary  interests,  but  the  whole  free 
institutions  of  our  country;  and  our  determination 
is,  even  by  a  temporary  sacrifice  of  profit,  to  place 
the  Bank  entirely  beyond  the  reach  of  those  who 
meditate  its  destruction. "  The  letter  then  directs 
the  looal  discounts  to  be  brought  down  to  one  mil 
lion  five  hundred  thousand  dollars,  and  the  rate 
of  exchange  on  western  offices  to  be  raised  to  not 
less  than  two  and  a  half  per  cent.  This  letter  is 


directed  to  the  President  at  Charleston,  South 
Carolina,  and  to  no  one  else. 

February  1,  1834. — "The  State  of  the  Bank 
and  the  country,  and  the  new  measures  of  hos 
tility  understood  to  be  in  contemplation  by  the 
Executive  officers,  make  it  expedient  to  place  the 
institution  above  the  reach  of  all  contingencies; 
to  this  object  every  part  of  the  establishment  must 
co-operate;  and  I  am  accordingly  direct f-d  to  in 
struct  you  to  put  the  business  of  your  office  on  the 
following  footing."  This  letter  is  directed  to 
three  offices,  Buffalo,  Utica,  and  Burlington,  arid 
directs  them  to  keep  their  local  discounts  to  a 
small  sum,  which  is  named,  and  places  restrictions 
on  the  purchas^  of  exchange. 

January  27,  1834.— "The  situation  of  the 
Bank  and  the  country,  and  the  new  measures  of 
hostility  which  are  understood  to  be  in  contempla 
tion,  make  it  proper  to  place  the  Bank  entirely 
beyond  the  reach  of  any  contingency."  This 
letter  directed  to  the  President  of  the  office  at 
Baltimore,  and  pn  scribes  a  reduction  of  dis 
counts  by  the  1st  of  March  to  $1,400,000,  and  to 
raise  the  rates  of  exchange  from  those  fixed  on 
the  first  of  October  preceed'mg1,  to  not  less  than 
two  and  u  half  per  cent,  on  the  west;  not  less  than 
two  per  cent,  on  New  Orleans,  and  not  less  than 
one  per  cent,  south  of  Washington  city.  The 
same  letter,  on  the  same  day,  was  sent  to  three 
other  offices,  namely,  Richmond,  Norfolk,  awl 
Fayetteville,  only  varying  in  the  amounts  cf  the 
reduction,  and  in  the  time  to  make  it,  the  10th  of 
April  being  fixed  for  the  comp  etioa  of  the  ,e- 
duction. 

January  24,  1834.—"  The  state  of  the  Hank 
and  of  the  country,  and  the  new  measures  of  hos 
tility  against  it  which  are  understood  to  be  in  con 
templation,  make  it  proper  to  put  the  Bank  into  a 
position  entirely  out  of  the  reach  of  all  contingen 
cies;  for  this  purpose  I  am  directe  1  to  request  that 
you  will  pla^e  the  business  of  your  office  on  the 
following  footing."  To  reduce  the  discounts  by 
the  first  of  April  to  $3,500,000,  and  to  abstain 
from  purchasing  bii:s  of  exchange,  payable  at 
places  on  the  Mississippi,  aud  its  branches,  includ 
ing  all  the  western  offices.  "  The  sta*e  of  things 
here  is  very  gloomy,  and  unless  Congress  takes 
some  decide-d  step  to  prevent  the  progress  of  the 
troubles,  they  may  soon  outgrow  our  control." 
*  *  *  *  «it  is  a  moment  of  great  interest, 
and  exposed  to  sudden  changes,  in  public  affairs, 
which  may  induce  the  Bank  to  conform  its  policy 
to  them.  Of  these  dangers,  should  any  occur, 
you  will  have  early  advice  "  This  letter  directed 
to  the  President  of  the  branch  at  New  Orleans, 
only. 

January  24,  1834.—*'  The  state  of  the  Bank 
and  the  country,  and  the  new  measures  of  hostili 
ty  to  the  institution,  which  it  is  understood  are  in 
contemplation,  make  it  expedient  to  place  the 
Bank  beyond  the  reach  of  all  contingencies;  I  am 
therefore,  instructed,"  &c.  To  reduce  discounts 
to  a  sum  named,  by  the  1st  of  March,  to  raise  ex 
change  to  not  less  than  two  and  a  half  per  cent,  on 
western  offices,  not  less  than  two  per  cent,  on 
New  Orleans,  and  not  less  than  one  per  cent, 
south  of  Washing-ion  city;  the  letter  addressed  to 


10 


four  blanches;  Portland,  Providence,  Portsmouth, 
and  Hertford. 

January  21,  1834.— "The  present  situation  of 
the  Bank,  :>nd  the  measures  of  hostility  to  the  in 
stitution  which  are  understood  to  be  in  contempla 
tion,  render  it  expedient  to  provide  for  its  entire 
safety  against  all  contingencies,"  &c.  Then  di 
rects  a  reduction  of  discounts  to  $4,000,000  by 
the  1st  of  Apnl,  and  an  increase  of  the  ratts  of 
exchange  to  two  and  a  half  per  cent,  on  the  west, 
to  two  per  cent,  on  New  Orleans  and  Mobile,  and 
to  one  per  cent,  south  of  Washing-ton;  the  letter 
directed  to  the  President  of  the  branch  at  New 
Tork. 

January  27,  1834. — "In  a  recent  examination 
of  the  situation  of  the  Bank  and  the  offices,  it 
was  determined  that  in  the  present  state  of  the 
country,  and  in  consideration  of  the  new  mea 
sures  of  hos'i!  ty  contemplated  by  the  Executive 
officers  of  the  United  States  at  Washington,  it 
was  proper  to  place  the  institution  beyond  the 
reach  of  contingencies,"  &c.  Then  directs  the 
discounts  to  be  confined  to  their  present  moderate 
amount,  and  exchanges  to  be  raised  to  not  less 
thtm  t-vo  and  a  half  per  cent,  on  the  west,  not  less 
than  two  p^r  cent,  on  New  Orleans,  and  not  less 
than  one  per  cemt.  south  of  Washington  city. 
This  letttr  directed  to  the  President  at  Boston, 
only. 

k  When  Mr.  B.  had  finished  reading-  these  extracts, 
ke  turned  <o  the  report  made  by  the  Senator  from 
Va.,  who  sat  on  his  right,  (Mr.  Tyler,)  where  all 
that  was  said  about  these  new  measures  of  hostility, 
and  the  propriety  of  the  Bank's  conduct  in  this 
third  curtailment,  and  in  this  increase  upon  rates 
of  exchange,  were  compressed  into  twenty  lines, 
and  the  wisdom  and  necessity  of  them  were  left  to 
be  pronounced  upon  by  the  judgment  of  the  Sen- 
*<e.  Mr.  B.  would  read  those  twenty  lines  of  that 
report: 

"  The  whole  amount  of  reduction  ordered  by 
the  above  proceedings  (curtailment  ordered  on 
8ih  and  17th  of  October)  was  $5,825,906.  The 
same  table,  No.  4,  exhibits  the  'fact,  that  on  the 
23d  of  January  a  further  reduction  was  ordered  to 
the  amount  of  $3,320,000.  This  was  communicat 
ed  to  the  offices  in  letters  from  the  President, 
stating,  '  that  the  present  situation  of  the  Bank, 
and  the  new  measures  of  hostility  which  are  un 
derstood  to  be  in  contemplation,  make  it  expe 
dient  to  place  the  institution  beyond  the  reach  of 
all  danger:  for  this  purpose,  I  am  directed  to  in 
struct  j  our  office  to  conduct  its  business  on  the 
following  footing/  (appendix.  No.  9,  copies  of 
letters.)  The  offices  of  Cincinnati,  Louisville, 
Lexington,  St.  Louis,  Nashville,  and  Natchez, 
were  fuither  directed  to  confine  themselves  to  90 
days  bills  on  Baltimore,  and  the  cities  north  of  it, 
of  which  they  were  allowed  to  purchase  any 
amouiat  their  means  would  justify;  and  to  bills 
payable  on  New  Orleans,  which  they  were  to  take 
only  in  payment  of  pre-existing-  debts  to  the  Bank 
and  its  offices;  while  the  office  at  New  Orl  ans 
was  directed  to  abstain  from  drawing  on  the  Wes 
tern  offices,  and  to  make  its  purchases  mainly  on 
t!  e  north  Atlantic  cities.  The  committee  has 
til1. is  given  a  full,  and  somewhat  elaborate  detail  of 
the  various  ir.easurv  s  resorted  to  by  the  Bank,  from 


the  13th  of  August,  1833;  of  their  wisdom  and  ne 
cessity  the  Senate  will  best  be  able  to  pronounce  a 
correct  judgment." 

This,  Mr.  B.  said,  was  the  meager  and  stinted 
manner  in  which  the  report  treated  a  transaction 
which  he  would  show  to  be  the  most  cold-blooded, 
calculating,  and  diabolical,  which  the  annals  of 
any  country  on  this  side  of  Asia  could  exhibit. 

[Mr.  TYLER  here  said  there  were  two  pages  on 
this  subject  to  be  found  at  another  part  of  the  re 
port,  and  opened  the  report  at  the  place  for  Mr. 
B.] 

Mr.  B.  said  the  two  pages  contained  but 
few  allusions  to  this  subject,  and  nothing  to 
add  to,  or  vary  what  was  contained  in  the  twen 
ty  lines  he  had  read.  He  looked  upon  it  as  a 
great  omission  in  the  report;  the  mure  so  as  the 
committee  had  been  expressly  commanded  to  re 
port  upon  the  curtailments  and  the  conduct  of  the 
Bank  in  the  business  of  internal  exchange.  He 
had  hoped  to  have  had  searching  inquiries,  and 
detailed  statements  of  facts  on  these  \  ital  points. 
He  looked  to  the  Senator  from  Va.,  (Mr.Tyler,)  for 
these  inquiries  and  statements.  He  wished  him  to 
show,by  the  manner  in  which  he  would  drag  to  light, 
and  <  xposet®  vie  w,the  vast  crimes  of  the  Bank,  that 
the  Old  Domii.ion  was  still  the  mother  of  the 
Gracchi — that  the  old  lady  was  not  yet  forty-five — 
that  she  coald  breed  sons!  Sons  to  emulate  the 
fame  of  the  Scipios.  But  he  was  disappointed. 
The  report  was  dumb,  silent,  speechless  upon 
the  operations  of  the  Hank  during  its  t  rrible  c-im- 
paign  of  panic  and  pressure  upon  the  American 
people.  And  now  he  would  pay  one  instalment 
of  the  speech  which  had  been  promised  some  time 
ago  on  the  subject  of  this  report;  for  there  was  a 
part  of  that  speech  which  was  strictly  applicable 
and  appropriate  to  the  head  he  was  now  discus 
sing. 

Mr.  B.  then  addressed  himself  to  the  Senator 
from  Virginia  who  sat  on  his  his  right  (Mr.  Tyler) 
and  requested  him  to  supply  an  omission  in  his  re 
port,  and  to  inform  what  were  those  new  measures 
of  hostility  alluded  to  in  the  two-and-twenty  let 
ters  of  instruction  of  the  Bank,  and  repeated  in 
the  report,  and  which  were  made  the  pretext  for 
this  third  curtailment,  and  these  new  and  extraor 
dinary  restriction1;  and  impositions  upon  the  pur 
chase  of  bills  of  exchange? 

Mr.  TYLER  answer,  d  that  it  was  the  expected 
prohibition  upon  the  receivability  of  the  branch 
B  mk  drafts  in  payment  of  the  federal  revenue. 

Mr.  B.  resumed:  The  senator  is  right.  These 
drafts  are  mentioned  in  one  of  the  circular  letters, 
and  but  one  of  them,  as  the  hew  measure  under 
stood  to  be  in  contemplation,  and  which  under 
standing  had  been  made  the  prctt -\t  for  scourging1 
the  country.  He,  Mr.  B-  was  incapable  of  :i  the 
atrical  artifice, — a  stage  trick, — mugiMve  debate. 
He  had  no  question  but  that  the  Senator  could  an 
swer  his  question,  and  he  knew  that  he  had  an 
swered  it  truly;  but  he  wanted  his  testimony,  his 
evidence,  against  the  Bank;  he  wanted  proof  to 
tie  the  Bank  down  t®  th;s  answer;  to  this  pretext; 
to  this  thin  disguise  for  her  conduct  in  scourging 
the  country.  The  answer  is  now  given;  the  proof 

adduced;  and  the  apprehended  pro's  ibis  ion  oi 
the  receivability  of  the  braiich  drafts,  stand.-*  both 


11 


as  the  pretext,  and  the  sole  pretext  for  the  pres 
sure  c  mmenced  in  January,  the  doubling-  the 
rates  of  exchange,  breaking-  up  exchanges  be 
tween  the  five  western  brunch  banks,  and  concen 
trating  the  collection  of  bills  of  exchange  upon 
four  £reat  commercial  cities. 

Mr.  13.  then  took  s<x  positions  which  he  enume 


rated,  an  I  undertook  to  demonstrate 
They  were: 


to  be  true. 


1.    That  it  was  unlrue  in  point  of  fact,  that  there 
measures  in  contemplation,  or  ac- 


vrere  any  new 


upon  the  country  was  kept  up;  the  two  and  twen 
ty  orders  were  continued  in  force.  What  can  be 
thought  of  an  institution  which,  being  avmed  by 
law  with  power  over  the  moneyed  r.yvcm  of  the 
whole  country,  should  proceed  to  exercise  that 
power  to  distress  that  country  for  money,  upon  an 
understanding  that  something  \\  as  in  contempla 
tion,  and  never  inquire  if  its  understanding-  was 
correct,  nor  cease  its  operations,  when  each  suc 
cessive  day,  for  one  hundred  and  fifty  days,  proved 
to  it  that  no  such  thing  was  in  contemplation?  At 
last,  on  the  27th  of  June,  when  the  pressure  is  to 
be  relaxed,  it  is  done  upon  another  ground;  not 
upon  the  ground  that  the  new  measures  had  never 
taken  effect,  but  because  Congress  was  about  to 
rise  wMiout  having  done  any  thing  ;or  the  Bank. 
Here  is  a  clear  confession  that  the  allegaton  of 
new  measures  was  a  mere  pretext;  and  that  the 
motive  was  to  operate  upon  Congress,  :mJ  force  a 
restoration  of  the  depobites,  and  a  renewal  of  the 
charter. 

Mr.  B.  said,  he  knew  all  about  these  drafts  The 
President  always  condemned  their  legahty,andwas 
for  stopping  the  receipt  of  them.  Mr.  Taney, 
when  Attorney  General,  condemned  them  in  1831. 

5.  That  this  curtailment,  and  the^e  exchange  Mr.  B.  had  applit  d  to  Mr.  McLans  in  1832  to  stop 
regulations  in  January,  were  political  and  re volu-  j  them;  but  he  came  to  no  decision.  He  applied  to 
tionary,  and  connect  themselves  w.th  the  resolu- !  Mr.  Duane,  by  letter,  as  soon  as  he  canoe  into  the 
tion  in  the  Senate  for  the  condemnation  of  Presi-  Treasury,  but  got  no  answer.  He  applied  to  Mr. 


tion,  to  destroy  the  Bank. 

2  That  it  was  untiue  in  point  of  fact,  'hat  the 
President  harbored  hostile  and  revengeful  de 
signs  against  the  existence  of  the  Bank. 

3.  That  it  was  untiue  in  point  <  ffact,  that  there 
was  any  r.ecessi'y  for  this  third  cuitaJment,  which 
was  oidcred  the  last  Of'  January. 

4.  lhat'h' re  was  no  excuse,  justification,   or 
apology  for  the  conduct  of  the  Bank  in  i\  lation  to 
domestic  exchange,  in  doubling  i's  rates,  breaking- 
it  up  tetwien  the  five  western  branches,  turning 
the  collect  on  of  bill*  upon  the  principal  commer 
cial  cities,   and  forbidding  the  branch  at  New  Or 
leans  to  purchase  bills  on  any  part  of  the  West. 


dent  Jackson. 


]  Taney  as  soon  as  he  arrived  at  Washington  in  the 


6.  That  the  distress  of  the  country  was  occa-  i  fall  of  1833,  and  Mr.  Taney  decided  that  he 
sioned  by  the  Bank  of  the  United  States,  and  the  !  would  not  stop  them  until  the  moneyed  concern* 
Senate  of  the  Unit  d  States,  and  not  by  the  re- 1  of  the  country  had  recovered  their  tranquillity  and 
moval  of  the  deposites.  I  prosperity,  lest  the  Bank  should  make  it  the  pre- 

Having  stated  his  positions,  Mr.  B.  proceeded  text  of  new  attempts  to  distress  the  country;  and 
to  demonstrate  them  {thus,  the  very  th:ng  which  Mr.  Taney  refused  to 

1.  As  10  the  new  measures  to  destroy  the  Bank. —  i  do,  lest  it  should  be  made  a  pretext  for  oppres- 
Mr.  B.  said  there  was  no  such  measures.  The  one  i  sior.s,  was  falsely  converted  into  a  pretext  to  do 
indicated,  that  of  stopping-  the  receipt  of  the  j  what  he  was  determined  they  should  have  no  pre- 
branch  bank  drafts  in  payments  to  the  United  text  for  doing. 

States,  exi-ted  no  where  but  in  the  two-and  twen-  But  Mr.  B.  took  higher  ground  *til';  it  was  this; 
ty  letters  of  instruction  of  the  President  of  the  I  that  even  if  the  receipt  of  the  drafts  had  been 
Bank.  There  is  not  even  an  allegation  that  the  !  stopped  in  January  or  February,  there  would  have 
measure  existed;  the  language  is  "in  contempla-  i  been  no  necessity  on  that  account  for  curtailing 
tion" — "undprst«od  to  be  in  contemplation" — j  debts  and  embarrassing  exchanges.  This  gound 
and  upon  this  flimsy  pretext  of  an  understanding  he  sustianed  by  showing,  1.  Tliat  the  Bank  had 
of  something  in  contemplation,  and  which  some-  at  that  time  two  millions  of  dollars  in  Europe,  ly- 
thing  never  took  place,  a  set  of  rutl.lt  ss  orders;  ing  idle,  as  a  fund  to  draw  bills  of  exchange  upon, 
are  sent  out  to  every  quarter  of  the  Ui  ion  to !  and  the  mere  sale  of  bil's  on  this  sum  would  have 
make  a  pressure  for  money,  and  to  embarrass  the  met  every  demand  which  the  rejection  of  the 
domestic  exchanges  of  the  Union.  Three  days  I  drafts  could  have  thrown  upon  it.  2.  That  it  sent 
would  have  brought  an  answer  from  Washington  !  the  money  it  raised  by  this  curtailment  to  Europe, 
to  Philadelphia— from  the  Treasuiy  to  the  Bank  to  the  amount  of  three  and  a  half  millions,  and 
— and  let  it  be  known  that  there  was  no  intention  thereby  showed  that  it  was  not  collected  to  meet 
to  stop  the  receipt  of  these  drafts  at  that  time  any  demand  at  home.  3.  That  the  Bank  had  at  that 
But  it  would  seem  that  the  Bank  diJ  not  recognise  >  t:me,  (January,  1834,)  the  sum  of  $4,230,509  of 
the  legitimacy  of  Mr.  Taney's  appointment!  t«nd  !  public  money  in  hand,  and  therefore  had  United 
therefore  would  not  condescend  to  correspond  !  States  money  enough  in  possession  to  balance  any 
with  him  as  Secretary  of  the  Tre  tsury!  But  time  I  injury  from  rejection  of  drafts.  4.  That  the  Bank 
gave  the  answer,  even  if  the  Bank  would  not  in- j  had  notes  enough  on  hand  to  supply  the  place  of 
quire  at  the  Treasury.  Day  after  day,  week  after  j  all  the  drafts,  even  if  they  were  all  driven  in.  5. 
week,  month  after  month,  passed  off,  and  these '  That  it  had  stopped  the  receipt  of  these  branch 
redoubtable  new  measures  never  made  their  ap- ',  drafts  itself  at  the  branches,  except  each  for  its 
pearanco.  Why  not  then  stop  the  ctrta  Iment,  ;  own,  in  November  1833,  and  was  compelled  to 
and  restore  the  exchanges  to  their  former  footing? l  resume  their  receipt  by  the  ewergetic  and  just  con- 
February,  March,  Aprl,  May,  June — five  months — !  duct  of  Mr.  Taney,  in  giving  transfer  drafts  to  be 
one  hundred  and  fifty  days,  all  passidaway;  the' used  against  the  branches  winch  would  not  honor 
new  measures  never  came;  and  yet  the  pressure  the  no'es  and  drafts  of  the  other  branches.  Here 


Mr.  B.  turned  upon  Mr.  Tyler's  report,  and  se- )  ence  to  the  Bank, — in  which  it  never  felt  any  in- 
verely  arraigned  it  for  alleging  that  the  Bank  terest, — which  the  Treasury  adopted  for  its  own 
always  honored  its  paper  at  every  point,  and  fur-  convenience,— which  was  ,'lways  under  the  exclu- 
nishinga  ^,>p'y  of  negative  testimony  to  prove  sive  control  of  the  Treasury, — about  which  the 
that  assertion  when  there  was  a  large  mass  of  posi-  Bank  had  never  expressed  a  wish, — of  which  it 


tive  testimony,  the  disinterested  evidence  of  nu 
merous  respectable  persons,  to  prove  the  contra 
ry,  and  which  the  committee  had  not  noticed. 

Finally  Mr.  B.  hadreconrse  to  Mr.  Biddle's  own 
testimony  to  annihilate  his  (Mr.  Biddle's)  affected 
alarm  for  the  destruction  of  the  Bank,  and  the  in 
jury  to  the  country  from  the  repulse  of  these 
famous  branch  drafts  from  revenue  payments.  It 
was  in  the  letter  of  Mr.  Biddle  to  Mr.  Woodbury 
in  the  fall  of  1834,  when  the  receipt  of  these  drafts 
was  actually  stopped,  and  in  the  order  which  was 
issued  to  the  branches  to  continue  to  issue  them  as 
usual.  Mr.  B.  read  a  passage  from  this  letter  to 
shew  that  the  receipt  of  these  drafts  was  always  a 
mere  treasury  arrangement,  in  which  the  Bank  felt 


not  sent  them  a   circulai 
which  it  WHS  not  intend* 


would  have  taken  no  notice  if  the  Secretary  had 
;  and  the  expediency  of 
d  t  >  question  in  the  re 
motest  degree!  Having  pointed  out  these  fatal 
contradictions,  Mr.  B.  said  it  was  a  case  in  which 
the  emphatic  ejaculation  might  well  be  repeated: 
Oh!  that  mine  enemy  would  write  a  book! 

To  put  the  seal  of  the  Bank's  contempt  on  the 
order  prohibiting  the  receipt  of  these  drafts,  to 
show  its  disregard  of  law,  and  its  ability  to  sustain 
its  drafts  upon  its  own  resources,  and  without  the 
advantage  of  Government  receivability,  Mr.  B. 
read  the  order  which  the  President  of  the  Bank 
addressed  to  all  the  branches  on  the  receipt  of  the 
circular  which  gave  him  information  of  the  rejec 
tion  of  these  drafts,  it  was  in  these  words:  "  This 


will  make  no  alteration,  whatever,  in  your  practice, 

with  regard  to  issuing  or  pay  ing  these  draft?,  which 

\you    will  continue  as  heretofore."     What  a   pity, 

!  said  Mr.  B.  that  the  President  of  the   Bank   could 


no  int  rest;  that  the  refusal  to  receive  them  was  an 
object  at  all  times  of  perfect  indifference  to  the 
Bunk,  and  would  not  have  been  even  noticed  by 
it,  if  Mr.  Woodbury  had  not  sent  him  a  copy  of  his 
circular.  The  following  is  the  passage  read: 

"  As  the  receipt  of  these  drafts  by  the  treasury  '  not  have  thought  of  issuing  such  an  ord  r  as  this 
was  an  arragement  exclusively  its  own,  in  which  j  in  January,  instead  of  sending  forth  the  mandate 
the  Bank  felt  no  interest;  the  refusal  to  receive  •  for  curtailing  debts,  embarrassing  exchange,  levy- 
them  hereafter  is  an  object  of  equal  indifference;  j  ing  three  millions  and  a  half,  alarming  the  coun- 
nor  would  it  have  been  in  any  manner  noticed,  btit  j  try  with  the  cry  of  danger,  and  exhibiting  Presi- 
that  as  you  have  transmitted  to  me  a  copy  of  the  j  dent  Jackson  as  a  vindictive  tyrant,  intent  upon 
circular,  the  silence  of  the  Bank  might  be  miscon-  j  the  ruin  of  the  Bank! 
slrued  into  an  acquiescence  in  the  contents  of  that  1.  The  hostility  of  the  President 
paper.  Without  meaning,  therefore,  in  the  re 
motest  degree  to  question  the  expediency  of  the 
measure,  it  is  deemed  proper  to  suggest,"  &c. 
*  *  *  «  t(  i>jle  phraseology  (of  the  circular 
rejecting  the  drafts)  appears  to  convey  the  im- 
preasion  that  the  Bank  had  sought  to  obtain  the 
receipt  of  these  draft*  by  certain  assurances  to  the 
treasury.  It  is  difficult  to  imagine  any  thing  more 
groundless.  The  Bank  never  consulted  the  treas 
ury  on  the  subject,  nordidit«vermak«  assurances 
of  any  kind  to  the  treasury.  The  Bank  on  its  own 


responsibility  issued  these  drafts.     The  Secretary 
of  the  Treasury  subsequently  asked  for  information 


to  the  bank. — 
This  assertion,  said  Mr.  B.,  so  incontinently  re 
iterated  by  the  Presi  lent  of  the  bank,  is  taken 
up  and  repeated  by  our  Finance  committee,  to 
whose  report  he  was  now  paying  an  instalment  of 
those  respects  which  he  had  promised  them.  This 
assertion,  so  far  as  the  bank  and  the  committee 
are  concerned  in  making  it,  is  an  assertion  with 
out  evidence,  and  so  far  as  the  facts  are  concern 
ed,  it  is  an  assertion  against  evidence.  If  there  is 
any  evidence  of  the  banker  the  committee  to  sup 
port  this  assertion  in  the  forty  pages  of  the  re 


port,  or  the  three  hundred  pages  of  the  appendix, 
the  four  members  of  the  Finance  committee  can 

about  them.  It  was  given,  not  merely  without  an  produce  it,  when  they  come  to  reply.  That  there 
assurance,  but  without  the  expression  of  a  wish  of  j  WAS  evidence  to  contradict  it,  he  was  now  ready 
any  kind.  On  the  contrary,  the  letter  giving  the  j  to  show.  This  evidence  consisted  in  four  or  five 
explanation  concluded  with  these  words:  "  Whe- !  public,  and  prominent  facts,  which  he  would  now 
ther,  under  these  circumstances,  it  is  expedient  to  !  mention,  and  in  other  circumstances,  which  he 
receive  them,  is  a  question  for  the  exclusive  con-  j  would  show  hereafter.  The  first  was,  the  fact 
sideration  of  the  department."  which  he  mentioned  when  this  report  was  first 

Mr.  B.  invoked  the  attention  of  the  Senate  up-  read  on  the  18th  of  December  last,  namely,  that 
on  the  fatal  contradictions  which  this  letter  of  No- j  President  Juckson  had  nominated  Mr.  Biddle  at 
vember,  and  these  instructions  of  January,  1834,  j  the  head  of  the  Government  directors,  and  there- 
exhibit.  In  January,  the  mere  understanding  of  by  indicated  him  for  the  Presidency  of  the  bank, 
a  design  in  contemplation  to  exclude  these  drafts  for  three  successive  years  after  this  hostility  was 
from  revenue  payments,  is  a  danger  of  such  supposed  to  have  commenced.  The  second  was, 
alarming  magnitude,  an  invasion  of  the  rights  of  j  that  the  President  had  never  ordered  a  scire  facias 


the  Bank  in  such  a  flagrant  manner,  a  proof  of 
such  vindictive  determination  to  prostrate,  sacri 
fice,  snd  ruin  the  institution,  that  the  entire  conti 
nent  must  be  laid  under  contribution  to  raise  mo 
ney  to  enable  the  institution  to  stand  the  shock! 
In  November  of  the  same  year,  when  the  order  for 
Hie  rejection  actually  comes,  then  the  same  mea- 


to  issue  against  the  b-^nk  to  vacate  its  charter, 
which  he  has  the  right,  under  the  23d  section  of 
the  charter,  to  do,  whenever  he  believed  the  char 
ter  to  be  violated.  The  third,  that,  during  many 
years,  he  has  never  required  his  Secretaries  of  the 
Treasury  tostoj:  the  governmental  receipt  of  the 
branch  bank  drafts,  although  his  own  mind  upon 


sure  is  declared  to  be  one  of  the  utmost  indiffer- !  their  illegality  had  been  made  up  for  several  years 


13 


past.  The  fourth,  that  after  all  the  clamor,--  all  the 
invocations  upon  Heaven  and  Earth  against  the  ty 
ranny  of  removing1  the  deposites — '.hose  deposites 
have  never  happened  to  be  quite  entirely  remov 
ed!  An  average  of  near  four  mil  ions  of  dollars 
of  puN'ic  mon-y  has  remained  in  the  hands  of  the 
bank  fur  each  month,  from  the  1st  of  October, 
1833,  to  the  1st  of  Jan u TV,  1835,  inclus'vely! 
embracing"  the  entire  period  from  the  time  the  or 
der  was  to  tnke  effect  agninst  depositing1  in  the 
Bank  of  the  United  Spates  down  to  the  commence 
ment  of  ti  e  present  year!  So  fur  are  the  depo 
sites  from  being-  quite  entirely  removed,  as  the 
public  are  led  to  believe,  that,  at  the  distance  of 
fifteen  mon'hs  from  the  time  the  order  for  the  re 
moval  began  to  take  effect,  there  remained  in  the 
hands  of  the  bank  the  large  sum  of  three  millions 
eight  hundred  and  seventy-eight  thousand,  nine 
hundred  and  fifty-one  dollars,  and  ninety-seven 
cents,  (3,878,951  97,)  according  to  her  own 
showing  in  her  monthly  statements. — That  Presi 
dent  .fackson  is,  :>.nd  always  has  been,  opposed  to 
the  ex  steuce  of  the  bank,  is  a  fact  as  true  as  it  is 
honorable  to  him;  that  he  is  hostile  to  it,  in  the  vin 
dictive  and  revengeful  sense  of  the  phrase,  is  an 
assertion,  Mr.  B.  would  take  the  liberty  to  repeat, 
without  evidence,  so  far  as  he  could  see  into  the 
proofs  of  the  committee,  and  against  evidence, 
to  the  full  extent  of  all  the  testimony  within 
his  view.  Far  from  indulging  in  revengeful 
resentment  against  the  Bank,  he  has  been  pa 
tient,  indulgent,  and  forbearing  towards  it  to  a 
degree  hardly  compatible  with  his  duty  to  his 
country,  and  with  his  constitutional  supervision 
over  the  faithful  execution  of  the  laws;  to  a  degree 
which  has  drawn  upon  him,  as  a  deduction  from 
his  own  conduct,  an  argument  in  favor  of  the  le 
gality  of  this  very  branch  bank  currency,  on  the 
part  of  this  very  committee,  as  may  be  seen  in  their 
report. — Again,  the  very  circumstance  on  which 
this  charge  of  hostility  rests  in  the  two-and-twenty 
letters  of  Mr.  Biddle,  proves  it  to  be  untrue;  for 
the  stoppage  of  the  drafts  understood  to  be  in 
contemplation,  was  not  in  contemplation,  and  did 
not  take  place  until  the  pecuniary  concerns  of  the 
country  were  tranquil  and  prosperous;  and  when  it 
did  thus  take  place,  the  President  of  the  Bank  de 
clared  it  to  have  been  always  the  exclusive  right  of 
the  Government  to  doit,  in  which  the  Bank  had  no 
interest,  and  for  whicl)  it  cared  nothing.  No!  said 
Mr.  B.  the  President  has  opposed  the  recharter 
of  the  Bank;  he  has  not  attacked  its  present  char 
ter.  Tie  has  opposed  its  future,  not  its  present  ex 
istence.  And  those  who  characterize  this  oppo 
sition  to  a  future  charter  as  attacking  the  Bank, 
and  destroying  the  Bank,  must  admit  that  they  ad 
vocate  the  hereditary  light  of  the  Bank  to  a  new 
charter  after  the  old  one  is  out;  and  that  they  do- 
ny  to  a  public  man  the  right  of  opposing  that  he 
reditary  claim. 

3.  That  there  wis  no  necessity  for  this  third  curtail 
ment  ordered  in  January. — Mr.B.  said,  to  have  a  full 
conception  of  the  truth  of  this  position,  it  was  pro 
per  to  recollect  that  the  Bank  made  its  first  cur 
tailment  in  August,  when  the  appointnent  of  an 
agent  to  arrange  with  the  deposite  Banks,  an 
nounced  the  fact  that  the  Bank  of  the  United 
States  was  soon  to  cease  to  be  the  depository  of 


public  moneys.  The  reduction  under  tint  first 
curtailment  was  $4,066  000-  The  secon  I  was 
in  October,  and  under  that  order  for  curtailment 
the  reduction  was  $5,825,000-  The  whole  re 
duction  then,  consequent  upon  the  expected,  and 
actual  removal  of  deposi'trs,  was  $9391>000» 
At  the  snme  time  the  whole  amount  of  deposites 
on  the  first  dav  of  October,  the  day  for  the  remov 
al,  or  rather  for  the  cessation  to  deposite  in  the 
United  States  Bank  took  effect,  was  $9,8S8>- 
435;  ^d  on  the  first  day  of  February,  1834,  when 
the  third  curtailment  was  ordered,  there  were 
sull  $3;066>561  of  these  deposites  on  hand,  and 
have  remained  on  hand  to  near  that  amount  ever 
since;  so  that  the  Bank  in  the  two  first  curtail 
ments,  accomplished  between  August  and  Janua 
ry,  had  actu-»l!y  curtailed  to  the  whole  amount, 
and  to  the  exact  amount,  upon  precise  calculation, 
of  the  amount  of  deposites  on  hand  on  the  1st  of 
October;  and  still  had  on  the  1st  of  January  a  frac 
tion  over  three  millions  of  the  deposites  in  its  pos 
session.  This  simple  statement  of  sums  and  dates 
shows  that  there  was  no  necessity  for  ordering  a 
further  reduction  of  $3,320,000  in  January,  as  the 
Bank  had  already  curtailed  to  the  whole  amount 
of  the  deposites,  and  $22,500  over.  Nor  did  the 
Bank  put  the  third  curtailment  upon  that  ground, 
but  upon  the  new  measures  in  contemplation;  thus 
leaving  her  advocates  every  where  still  to  attri 
bute  the  pressure  created  by  the  third  curtailment 
to  the  old  cause  of  the  removal  of  the  deposites. 
This  simple  statement  of  facts  is  sufficient  to  show 
that  this  third  curtailment  was  unnecessary. 
What  confirms  that  view,  is  that  the  Bank  remitted 
to  Europe,  as  fast  as  it  was  collected,  the  whole 
amount  of  the  curtailment,  and  $105,000  over, 
there  to  lie  idle  until  she  could  raise  the  foreign 
exchange  to  8  per  cent,  above  par,  which  she  had 
sunk  to  5  per  cent,  below  par,  and  thus  nuke  two 
sets  of  profits  out  of  one  operation  in  distressing 
ami  pressing  the  country. 

4.  No  excuse  for  doubling  the  rates  of  ex 
change,  breaking  up  the  exchange  business  in  ttxe 
West,  forbidd  ng  the  branch  at  New  Orleans  to  pur 
chase  a  single  bill  on  the  West,  and  concentrating 
the  collection  of  exchange  on  the  four  great  com 
mercial  cities. — For  this,  Mr.  B.  said,  no  apol 
ogy,  no  excuse,  no  just  justification,  was  offered 
by  the  Bank.  The  act  stood  unjustified,  «nd  un 
justifiable.  The  B  mk  itself  has  shrunk  from  the 
attempt  to  justify  it:  our  committee,  in  that  report 
of  which  the  Bank  proclaims  itself  to  be  so  proud, 
gives  no  opinion  in  its  brief  notice  of  a  few  lines 
upon  this  transaction,  but  leaves  it  to  the  Senate 
to  pronounce  upon  its  wisdom  and  necessity! — 
The  committee,  Mr.  B.  said,  had  failed  in  their 
duty  to  their  country  by  the  manner  in  which 
they  hnl  veiled  this  affair  of  the  exchanges  in  a 
few  lines,  and  then  blinked  the  question  of  its 
enormity,  by  referring1  it  to  the  judgment  of  the 
Senate.  He  made  the  same  remark  upon  the  co- 
temporaneous  measure  of  the  third  curtrulment; 
and  called  on  the  author  «  f  the  report  (Mr.  Ty 
ler)  to  defend  his  report,  and  to  defend  the  C"n- 
ductof  the  Bank,  now,  if  he  could;  and  request 
ed  him  to  receive  all  this  part  of  his  speech  as  a 
further  instalment  paid  of  what  was  due  to  that  re 
port  on  the  Bank. 


14 


5.  T!:at  tae  curta'lment,  Mid  exchange  regula 
tions  of  January,  were  political  and  revolutionary, 
and  connect  themselves  with  the  contemporaneous 
proceedings  (-f  the  Senate  for  the  condemnation  of 


phrase,  revenue,  which  might  signify  the  Force 
Bill  in  South  Carolina,  and  the  Bank  question  in 
Philadelphia!  The  vagueness  of  the  expression' 
left  every  gentleman  to  fight  upon  his  own  hook, 


the  President. — That  this  curtailment,   and   *hese  land  to  hang-  his  vote  upon  any  mental  reservation 
regulations,  were  wanton  and  wicked,  was  a  pro-   which  could  be  found  in  his  own  mind!  and  Mr. 

B.  wou'd  go  before  the  intelligence  of  any  rational 


pro- 

po  ition,  Mr.  B.  said,  which  resulted  as  a  logical 
conclusion  from  what  had  been  already  shown, 
namely,  that  they  were  causeless  and  unnecessary, 
and  done  upon  pretexts  which  h  <ve  been  clt  mon- 
strated  to  be  false.  That  they  were  pol  tical  and 
revolutionary,  and  connected  with  the  proceed 
ings  in  the  Senate  for  the  condemnation  of  the 
President,  he  would  now  prore.  In  the  exhibi 
tion  of  this  proof,  the  first  thing  to  be  looked  to  is 
the  chronology  of  the  events, — the  time  at  whic1 


man  with  the  declaration  that  the  connexion  be 
tween  the  condemnation  of  the  President  and  the 
cause  of  the  Bank,  was  doubly  proved;  first,  by 
the  words  of  the  resolution,  and  next  by  the  omis 
sion  of  those  words. — The  next  point  of  connex 
ion,  Mr.  B.  said,  was  detected  in  the  times,  varied 
to  suit  each  Stiite,  at  which  the  pressure  under  the 
curtailment  was  to  reach  its  maximum;  and  the 
mannei  in  which  the  restrictions  upon  the  side  and 


the  Bank  made  this   third  curtailment,  and  sent   purchase  of  bills  of  exchange  was  made  to  fall  ex- 
forth  thes.-  exchange  regulations, — and  the  time  at  c'usively  and  heav  ly  upon  the  principal  commcr- 
which  the  Senate  curried  on  the  proceeding  against 
the   President.     Viewed   under   this    aspect,  the 
two  movements  are  not  only  connected,  but  iden 
tical  and  inseparable.     The  time  for  the   condem 
nation  of  the  President  covers  the  period  from  the 
26th  of  December,  1833,  to  the  28th   of  March, 


1834; 
same 


the  Bank  movement 
period;    the     orders 


is  included    in    the 
for     the     pressure 


were  issued  from  the  21st  of  January  to  the 
1st  of  February,  and  were  to  accomplish  their 
effect  in  the  month  of  March,  and  by  the  first  of 
April,  except  in  one  place,  where  for  a  reason 
which  will  be  shown  at  the  proper  time,  the  ac 
complishment  of  the  effect  was  protracted  till  the 
10. h  day  of  April.  These,  Mr.  B.  said,  were  the 
ditesof  issuing  the  orders,  and  accomplishing  their 
effect;  the  date  of  the  adoption  of  the  resolution 
in  the  Bank  for  this  movement,  is  not  given  in  the 
report,  but  must  have  been,  in  the  nature  of  thing.,, 
anterior  to  the  issue  of  the  orders;  it  must  have 
been  some  days  before  the  issue  of  the  orders;  and 
was  in  ail  probability  a  few  days  after  the  com 
mencement  of  the  movement  in  the  Senate  against 
the  Pns'dent. — The  next  point  of  connexion,  Mr. 
B.  said,  uas  in  the  subject-matler;  and  here  it  was 
necessary  to  recur  to  ti  e  o.  iginul  form,  and  to  the 
second  form,  of  the  resolution  for  the  condemna 
tion  of  the  President.  In  the  first,  or  primordiil 
form,  the  resolution  was  expressly  connected  with 
the  cause  of  the  Bank.  It  was,  for  dismissing  Mr. 
Duane  because  he  would  not  remove  the  depo- 
site«,  and  appointing  Mr  Tancy  because  he  would 
remove  them.  In  the  second  form  of  the  resolu 
tion — that  form  which  naturalists  would  cail  its 
aurelia,  or  chrysalis  state, — the  phraseology  of  the 
connexion  was  varied,  but  still  the  connexion  was 
retained  and  expressed.  The  names  of  Mr.  Du 
ane,  and  Mr.  Taney,  were  dropped;  and  the  re 
moval  of  the  depos'tes  upon  his  own  responsibility, 
was  the  alleged  offence  of  the  President.  In  its 
third,  and  ultimate  transformation,  all  allusion  to 
the  Bank  was  dropped,  and  the  vague  term,  reve 
nue,  was  substituted;  but  it  was  a  substitution  of 
phrase  only,  without  any  alteration  of  sense  or 
meaning.  The  resolution  -s  the  same  under  all  its 
phases.  It  is  still  the  Bank,  and  Mr.  Taney,  and 
Mr.  Dunne,  and  the  removal  of  the  deposites, 
which  «re  the  things  to  be  understood,  though  no 
longer  prudent  to  express.  AH  these  substantial 
objects  are  veiled,  and  substituted  by  the  empty 


cial  cit'es,  at  the  moment  when  most  deeply  en 
gaged  in  the  purch  use  and  shipment  of  produce. 
Thus,  in  Ntw  York,  where  the  great  charier  elec 
tions  were  to  take  place  during  the  first  week  in 
April,  the  curtailment  was  to  reach  its  maximum 
pressure  on  the  first  day  of  that  month!  In  Vir 
ginia,  where  the  elections  are  continued  through 
out  the  whole  month  of  April,  the  pressure  was 
not  to  reach  its  climax  unt  1  the  tenth  day  of  that 
month!  In  Connecticut,  where  the  elections  oc 
curred  about  the  first  of  April,  the  pressure  was 
to  have  its  last  turn  of  the  screw  in  the  mouth  of 
March!  And  in  these  three  instances,  the  only 
ones  in  winch  elections  were  depending,  the  po- 
1  tical  bearing  of  the  pressure  was  clear  and  unde 
niable.  The  sympathy  in  the  Senate,  in  the  re 
sults  of  these  political  calculations,  was  displayed 
in  the  exultation  which  broke  out  OB  receiving 
the  news  of  the  elections  in  Virginia,  New  York, 
and  Connecticut — an  exultation  which  broke 
out  into  the  most  extravag.nt  rejoicings  over 
the  supposed  downfall  of  the  administration. — The 
careful  calculation  to  mike  the  pressure  and  the 
exchange  regulations,  fa'-l  upon  the  commercial 
cities  at  the  moment  to  injure  commerce  most,  was 
also  visible  in  the  times  fixed  for  each  Thus  in 
all  the  western  cities,  Cincinnati,  Louisville,  Lex 
ington,  Nashville,  Pittsburgh  St.  Lotus,  the  pres 
sure  was  to  reach  its  maximum  by  the  first  day  of 
March;  the  shipments  of  western  produce  to  New 
Orleans  being1  mostly  over  by  that  time;  but  in 
New  Orleans  the  pressure  was  to  continue  till  the 
first  of  April,  because  the  shipping  season  is  pro 
tracted  there  till  that  month,  and  thus  the  produce 
which  left  the  upper  States  under  the  depression 
of  the  pressure,  was  to  meet  the  same  pressure  up 
on  its  arrival  in  New  Orleans;  and  thus  cnable*th« 
friends  of  the  Bank  to  read  the  r  ruined  prices  of 
western  produce  on  the  floor  of  this  Senate.  In 
Baltimore,  the  first  of  March  was  fixed,  which 
would  cover  the  active  business  season  there.  So 
much,  said  Mr.  B.  for  the  pressure  by  curtailment; 
now  for  the  pressure  by  b.lls  of  exchange,  and  he 
would  take  the  case  of  New  Orleans  first.  All  the 
branches  in  the  west,  and  every  where  else  in  the 
Union,  were  authorized  to  purchase  bills  of  ex 
change  at  short  dates,  not  exceeding  ninety  days 
on  that  emporium  of  the  west;  so  as  to  increase  the 
demand  for  money  there;  at  the  same  time  the 
branch  in  N«w Orleans  was  forbid  to  purchases 


15 


single  bill  in  any  part  of  the  valley  of  the  Missis 
sippi.  This  prohibition  was  for  two  purposes, 
first,  lo  break  up  exchange,  and  next  to  make 
money  scarce  in  New  Orleans,  as  in  default  tf  bills 
of  exchange,  silver  would  be  shipped,  and  the 
shipping-  of  silver  would  make  a  pressure  upon 
alt  the  local  banks.  To  help  out  this  operation, 
Mr.  B.  said  t  must  be  well  and  continually  remem 
bered  that  the  Bank  of  the  United  Stat  s  itsel' 
abducted  aboiit  one  mi'lion  and  a  quarter  of  hard 
dollars  from  New  Orleans  during  the  period  of 
the  pressure  there;  thus  provingthat  all  her  affect 


Thus  the  Bank  stood  upon  one  pretext,  and  its 
friends  stood  upon  another!  and  for  this  mortify 
ing  contradiction,  in  which  all  its  friends  have  be 
come  exposed  to  see  their  mournful  speeches  ex 
ploded  by  the  Bank  itselc,  a  just  indignation  ought 
now  to  be  felt  by  :dl  the  friends  of  the  Bank,  who 
were  laying  the  distress  to  the  removal  of  the  de- 
posites,  and  daily  crying  out  that  nothing  could 
relieve  the  country  but  the  restoration  cf  the  de- 
po.sites,  or  the  recharter  of  the  Bank!  while  the 
Bank  itself  was  writing-  to  its  branches,  that  it  was 
the  new  measures  understood  to  be  in  emit  em  plat  ion 


ed  necessity  for  curtailment  was  a  false  and  wicked!  that  was  occasioning  all  the  mischief. — Mr.  B. 
pretext  for  the  cover  of  her  own  political  and  revo-  {  would  close  this  head  with  a  remark  which  ought 
lutionary  views.  j  to  excite  reflections  which  should  never  die  away; 

The  case  of  the  western  branches  was  next  ad-j  which  should  be  remembered  as  long1  :  s  national 
verted  to  by  Mr.  B.  Among  these,  he  said, the  busi- !  banks  existed,  or  asked  for  existence.  It  was  this: 
ness  of  exchange  was  broken  pp  in  into.  The  j  That  here  was  a  proved  case  of  a  National  bank 
five  western  branches  were  forbid  to  purchase  ex- 1  availing-  itself  of  its  organization,  andofrs  power, 
change  at  all!  and  this  tyrannical  order  was  not  to  send  secret  orders,  upon  a  false  pretext,  to 
even  veiled  with  the  pi  etext  of  an  excuse!  Upon  i  every  part  of  the  Union,  to  create  distress  and 
the  north  Atlantic  cities,  Mr.  B.  said,  unlimited  j  panic,  for  the  purpose  of  accomplishing  an  object 
authority  to  all  the  branch- s  was  given  to  purchase  i  of  its  own!  arid  then  publicly  and  ca'umniously 

bills,    all  at  Sllfll't  datfS      lir»rlf»f    ninotxr     /1'itre     o  nA    oil      rViot«or>ii 


bills,  all  at  short  dates,  under  ninety  days,  and  all 
intended  to  become  due  during  the  shipping  season, 
and  to  increase  the  demand  for  money  while  the 
curtai'ment  was  going  on,  and  the  screw  turning 
from  day  to  day  to  lessen  the  capacity  of  getting 
money,  and  make  it  more  scarce  as  the  demand 
for  it  became  urgent.  Thus  were  the  great  com 
mercial  cities,  New  Orleans,  New  York,  Baltimore, 
and  Philadelphia,  subject  to  a  double  process  of 
oppression;  and  that  ait  the  precise  season  of  pur 
chasing  and  shipping  crops,  so  as  to  make  their 
dis  resg  recoil  upon  the  planters  and  farmers!  and  all 
this  upon  the  pretext  of  new  measures  understood 
to  be  m  contemplation. — Time  again  becomes 
mat.  rial,  said  Mr.  B.  The  Bank  pressure  was  a<-- 


charging  all  this  mischief  on  the  act  of  the  Presi 
dent  for  the  removal  of  the  deposited.  This  re 
collection  should  warn  the  country  against  ever 
permitting  another  national  bank  to  re-peat  a  crime 
of  such  frightful  immorality,  and  such  enormous 
injury  to  the  busines-;  and  property  of  the  People. 
Mr.  B.  expressed  his  profound  regret  that  t(ie  re 
port  of  the  Bank  committee  WHS  silent  upon 
dreadful  enormities,  while 
trifles  in  favor  of  the  Bank. 

the  mischief  done  to  private  property — the  fall  in 
the  price  of  st-iples,  of  stocks,  and  of  nil  real  and 
personal  estate — at  the  ruin  of  many  merchants, 
and  the  injury  of  many  citizens — which  took  p'ace 
during  this  hideous  season  of  panic  and  pressure. 


so    elaborate  upon 
He  was  indignant,  at 


ranged  in  January,  to  reach  its  climax  in  March,!  He  w^s  indignant  at  the  Bank  for  creat'iig-  it,  and 
and  the  first  of  April;  the  debate  in  the  Senate,  for  I  still  more  fur  its  criminal  audacity  in  charging  its 
the  condemnation  of  President  Jackson,  which  own  conduct  upon  the  President;  and  he  was  mor- 


commenced  in  the  last  days  of  December,  was 
protracted  over  the  whole  period  of  the  Bank 
pressure, and  reached  its  consummation  at  the  same 
time,  namely  the  28th  day  of  March!  The  two 
movements  covered  the  same  period  of  time,  reach 
ed  their  conclusions  .together,  and  co-operated  in 
the  effect  to  be  produced;  and  during-  the 
three  months  of  this  double  movement  the 

da'ly    with      the 
vengeance    of 


Senate  chamber  resounded 
cry,  that  the  tyrannv  an- 
the  Pres  dent,  and  his  violation  of  laws  and  con 
stitution,  hid  created  the  whole  distress,  and 
struck  the  nation  from  a  stnte  or  Arcadian  felici 
ty—from  a  condition  of  unparalleled  prosperity — 
to  the  lowest  depth  of  misery  and  ruin.  And  here 
Mr.  B.  obte-te'l  and  besought  the  Senate  to  con- 


titled,  profoundly  moitified,  that  all  this  should 
have  escaped  the  attention  of  the  Finance  Com 
mittee,  and  enabled  them  to  make  a  report  of 
which  ihe  Bank,  in  its  ofrici  «1  organ,  declares  itself 
to  be  justly  proud;  which  it  now  has  undergoing 
the  usual  process  of  diffusion  through  the  publica 
tion  of  supplemental  gazettes,  which  it  openly 
avers  would  have  ensured  the  recharter  if  it  had 
come  out  in  time,  and  to  which  it  now  looks  for 
such  recharter  as  soon  as  President  Jackson  re 
tires,  and  the  country  can  be  thrown  into  confusion 
by  the  distractions  of  a  Presidential  election. 

Mr.  B.  now  took  up  another  head  of  evidence 
to  prove  the  fact  that  the  curtailment  and  ex 
change  regulations  of  January  were  political  and 

revolutionary,  and  connected  with    the  proeeed- 

suler  the  indifference  with  which  the  Bank  treat-  ings  of  the  Senate  for  the  condemnation  of  the 
ed  its  friends  in  the  Senate,  and  the  sorrowful  con- 1  President — and  here  he  would  proceed  upon  evi- 
tradiction  in  which  they  were  left  to  be  caught.  |  denre  drawn  from  the  Bank  i'self.  Mr.  B.  then 
In  the  Senate,  and  all  over  the  country,  the  friends  I  rend  extracts  from  Mr.  Biddle's  letter  of  instruc- 
of  the  Bank  were  allowed  to  go  on  with  fhe  old  tions  (Jan.  30th,  1834)  to  Joseph  Johnson,  Esq. 
tune,  and  run  upon  the  wrong  scent,  of  removal  of!  President  of  the  branch  Bank  at  Charleston,  S.  C. 
the  deposites,  creating  all  the  distress-  while  in  I  They  were  as  follows:  "With  a  view  to  meet  the 
the  two-and-twenty  circular  letters  despatched  to!  coming  crisis  in  the  banking  concerns  of  the 
create  this  distress,  it  was  not  the  old  measure  i  country,  and  especially  to  provide  against  new 
alone,  but  the  new  measures  contemplated,  which  measures  of  hostility  understood  to  he  in  conte  re 
constituted  the  pretest  fortlrs  very  same  distress  plation  by  the  Executive  officers  at  Washingto..,  a 


16 


genera!  reduction  has  been  ordered  at  the  several 
offices,  and  1  have  now  to  ask  your  particular  at 
tention  to  accomplish  it."  *  *  *  *  "  It  is 
as  disagree  able  to  us  as  it  can  be  to  yourselves  to 
impose  any  restrictions  upon  the  business  of  the 
office.  But  you  are  perfectly  aware  of  the  effort 
which  has  been  making- for  some  time  to  prostrate 
the  Bai.k,  to  which  this  acw  measure  to  which  I 
have  alluded  will  soon  be  ad-1.  d,  unless  the  pro 
jectors  become  alarmed  at  it.  On  the  defeat  of 
these  attempts  to  destroy  the  Bank,  depends  in 
our  deliberate  judgment,  not  merely  the  pecu 
niary  interests,  but  the  whole  free  institutions 
of  our  country;  and  our  determination  is,  by  even 
a  temporary  saoifice  of  profit,  to  place  the  Bank 
entirely  beyond  the  reach  of  those  who  meditate 
its  destruction." 

Mr.  B.  would  invoke  the  deepest  attention  to 
this  letter.  The  passages  w^ich  he  had  read 
were  not  in  the  circulars  addressed  at  the  same 
time,  to  the  other  brandies.  It  was  confined 
to  this  letter,  with  something  s'miUir  in  one  more 
which  he  would  presently  read.  The  coming  cri 
sis  in  the  banking  conctrns  of  the  country  is  here 
shadowed  forth,  and  secretly  foretold,  three 
months  before  it  happened;  and  with  good  rea 
son,  for  the  prophet  of  the  evil  was  to  assist  in 
fulfilling  his  prophecy.  With  this  secret  pre- 
d'ction  made  in  January,  is  to  be  connected  the 
public  predictions  contemporaneously  m*»de  on 
this  ^floor,  and  continued  till  April,  when  the  ex 
plosion  of  some  Banks  in  this  District  was  pro 
claimed  as  the  commencement  of  the  general  ru 
in  which  was  to  involve  all  local  Banks,  and  espe 
cially  the  whole  safety-fund  list  of  Banks,  in  one 
universal  catastrophe.  The  Senate  would  re 
member  all  this,  and  spare  him  repetitions  which 
must  now  be  heard  withpnin,  though  uttered  with 
satisfaction  a  few  months  ago. — The  whole  free 
institutions  of  our  country,  was  the  next  phrase  in 
the  letter  to  which  Mr.  B.  called  attention.  He 
said  that  in  this  phrase  the  political  designs  of  the 
Bank  stood  iv-vealed,  and  he  averred  that  this 
language  was  identical  with  that  used  upon  this 
floor.  Here  then  is  the  secret  order  of  the  Bank, 
avowing  that  the  whole  free  institutions  of  the 
country  are  taken  into  its  holy  keeping;  and 
that  it  was  determined  to  submit  to  a  tempora 
ry  sacrifice  of  profit  in  sustaining  the  Bank, 
which  itself  sustains  the  whole  free  institutions 
of  the  country !  What  insolence!  What  audaci 
ty!  But,  said  Mr.  B.  what  is  here  meant  by 
free  institutions  was  the  elections!  and  the  true 
meaning  of  Mr.  Biddle's  letter  is,  that  the  Bank 
meant  to  submit  to  t(  mporary  sacrifices  of  money 
to  carry  the  elections,  and  put  down  the  Jackson 
Administration.  No  other  meaning  can  be  put 
upon  the  words;  and  if  there  could  there  is  fur 
ther  proof  in  reserve  to  nail  the  infamous  and 
wicked  design  upon  the  Bank, — another  passage 
in  this  letter,  Mr.  B.  would  point  out,  and  then 
proceed  to  a  new  piece  of  evidence.  It  was 
the  passage  which  said  this  new  measure  will 
soon  be  added,  unless  the  projectors  become  alar  tri 
ed  at  it.  Now,  said  Mr.  B.  lake  this  as  youpL-ase; 
either  that  the  projectors  did,  or  did  not,  be 
come  alarmed  at  their  new  measure;  the  fact  is 
cte-tr  that  no  new  measure  was  put  in  force,  and 


that  the  bank  in  proceeding  to  act  upon  that  as 
sumption  was  inventing  and  fabricating  a  pretext 
to  justify  the  scourge  which  it  was  meditating 
against  th.2  country.  Dates  are  here  material, 
said  Mi1.  B.  The  first  let  ers,  founded  on  these 
new  measures,  were  dated  the  21st  of  January; 
and  spoke  of  them  as  b ting  understood  to  be  in 
contemplation,  '5  his  letter  to  Mr.  Johnson,  which 
speaks  hypothetically,  is  dated  the  SOdi  of  Janua 
ry,  being  eight  days  later;  in  which  tirna  the 
Bank  had  doubtless  heard  that  its  understanding 
about  what  was  in  contemplation,  was  all  false; 
and  to  cover  its  retreat  from  having  sent  a  false 
hood  to  two-and-twenty  branches,  it  gives  notice 
that  the  new  measures  which  were  the  alleged 
pretext  of  panic  and  pressure  upon  the  country, 
were  not  to  take  place,  because  the  projectors 
had  got  alarmed.  The  beautiful  idea  of  the 
projectors,  that  is  to  say,  General  Jackson,  for 
he  is  the  person  intended,  becoming  alarmed  at 
interdict  ng  the  reception  of  illegal  drafts  at  the 
Treasury  is  conjured  up  as  a  salvo  for  the  ho 
nor  of  the  Bank,  in  making  two-and-twenty  in 
stances  of  false  assertion.  But  the  panic  and 
pressure  orders  are  not  countermanded.  They 
are  to  go  on,  although  the  proje  tors  do  become 
alarmed,  and  although  the  new  measure  be 
dropped. 

Mr.  B.  had  an  extract  from  a  second  letter  to 
read  upon  this  subject.  It  was  to  the  President 
of  the  New  Orleans  branch,  Mr.  W.  W.  Montgo 
mery,  and  dated  Bank  of  the  Unite  1  States,  the 
24th  of  January.  He  read  the  extwct:  "The 
state  of  things  here  is  very  gloomy,  and  unless 
Congress  takes  some  decided  step  to  prevent  die 
progress  of  the  troubles,  they  may  soon  outgrow 
our  control.  Thus  circumstanced,  our  fisrt  duty 
is  to  the  institution,  to  preserve  it  from  all  dan 
ger;  and  we  are  therefore  anxious,  for  a  short  time 
at  least,  to  keep  our  business  within  manageable 
limits,  and  to  make  some  sacrifice  of  property  to 
entire  security.  It  is  a  moment  of  great  interest, 
and  exposed  to  sudden  changes  in  public  affairs, 
which  may  induce  the  Bank  to  conform  its  policy 
to  them;  of  these  dangers,  should  any  occur,  you 
will  have  early  advice." — When  he  had  read  this 
extra-t,  Mr.  B.  proceeded  to  comment  upon  it; 
;dmost  every  word  of  it  being  pregnant  with  poli 
tical  and  revoluntionarv  meaning  of  the  plainest 
import.  .The  whole  extract,  he  said,  was  the  lan 
guage  of  a  politician,  not  of  a  banker,  and  looked 
to  political  events  to  which  the  Bank  intended  to 
conform  its  policy.  In  this  way  he  commented 
successively  upon  the  gloomy  state  of  things  at  the 
Bank,  for  the  letter  is  dated  in  the  Bank,  at  d  the 
f roubles  which  were  to  outgrow  their  control  un 
less  Congress  took  some  decided  step.  These 
troubles,  Mr.  B.  Slid,  could  not  be  the  dangers 
of  the  Bank;  for  the  Bank  had  taken  entire  care 
of  itself  in  the  two-and-twenty  orders  which  it  sent 
out  to  curtail  loans  and  breuk  up  exchanges  — 
Every  one  of  these  orders  announced  the  power 
of  the  Bank,  and  the  determination  of  the  Bank,  to 
take  care  of  itself.  Troubles  outgrow  our  con 
trol!  What  insolence!  When  the  Bank  itself, 
and  its  confederates,  were  the  creators  »nd  fo- 
mentors  of  a'l  these  troubles,  the  progress  of  which 
it  affected  to  deplore.  The  next  words,  moment 


17 


of  great  merest — exposed  to  sudden  changes,  in  j  themselves,  nor  the  institution  intrusted  to  them, 
public  affairs— induce  the  Bank  to  conform  its  j  to  be  the  instrument  of  private  wrong  and  public 
policy  to  them— Mr.  13.  said  were  too  flagrant,  and  |  outrage;  nnr  will  they  omit  any  fff-.>rt  It  rescue  the 


too  barefaced,  for  comment.  They  were  equiva 
lent  to  an  open  declaration  that  a  revolution  was 
momently  expected,  in  whic:i  Jackson's  adminis 
tration  would  be  overthrown,  and  the  friends  of 
the  bank  brought  into  power;  and  as  soon  as  that 
happened,  the  bank  would  inform  its  brandies  of  it; 
and  would  then  conform  its  policy  to  this  revolu 


tion,  and  relieve   the   country 
which  it  was  inflicting-  upon  it. 


from  the    d  stress 
Sir,   said  Mr.  B ., 


Hddressing  the  Vice  President,  thirty  ye-irs  ago 
the  prophetic  vision  of  Mr.  Jefferson  foresaw  this 
crisis;  thirty  years  ago,  he  said  that  this  Bunk  WHS 
an  enemy  to  our  form  of  government;  that  by  i's 
ramification  and  power,  and  by  seizing  on  a  cri'i- 
cal  moment  in  our  affairs,  it  would  upset  t'.e  go 
vernment!  and  this  is  what  it  would  have  done  last 


institutions  of  the  country  from  being  trodl  n  un 
der  foot  by  a  faction  of  interlopers.  To  these  prof 
ligate  adventurers,  whether  their  power  is  display 
ed  in  the  executive,  or  legislative  depaivment,  the 
directors  of  the  B*nk,  w  11,  we  are  satis-fi  d,  never 
yield  the  thousandth  part  of  an  inch  of  ih<?ir  own 
personal  rights,  or  their  own  offic  al  dut  es;  and 
will  continue  this  resistance  UNTIL  the  COUN 
TRY,  reused  to  a  proper  sen*e  of  its  dangers  and  its 
wrongs,  sl.a  1  DRIVE  'hese  USURPERS  out  of  the 
HIGH  PLACES  they  DISHONOR."  This  letter, 
said  Mr.  B.  discloses  in  terms  which  admit  of  no  ex 
planation  or  denial,  the  design  of  the  Bank  in  cre 
ating  the  pressure  which  was  got  up  and  continu 
ed  during  the  panic  session.  Jt  was  to  rouse  the 
people,  by  dint  of  suffering,  agiinst  the  President 


winter,  had  it  not  been  for  one  man!  one  man!  one  j  and  the  House  of  Representatives,  and  to  overturn 
single  man!  with  whom  God  had  vouchsafed  to  fi-  them  both  at  the  ensuing  elect  ons.  To  do  this 
vor  our  America  in  that  hour  of  her  greatest  trial,  now  stands  revealed  as  its  avowed  object.  The 
That  one  man  stood  a  sole  obstacle  to  the  dread  Senate  and  the  Bmk  were  to  sUnd  together  a- 
career  of  the  Bank;  stood  for  six  months  as  the  |  gainst  the  President  and  the  Ho  =se;  and  each  to 

act  is  part  for  the  same  co.nmon  object;  the  Bank 
to  scourge  the  people  for  money,  and  charge  its 
own  scourging  upon  the  President;  the  Senate  to 
condemn  him  for  a  vio'at'on  of  the  Uws  and  con 
stitution,  and  to  brand  him  as  the  Caesar,  Cromwell, 
Bonaparte;  the  tyrant,  despot,  usurper,  whose 
head  would  be  cut  off  in  any  kingdom  of  Kurope 
for  such  acts  as  he  practised  here.  Mr.  B.  said, 
the  contemplation  of  the  conduct  of  the  Hank, 
during  the  panic  session,  was  revolting  and  incre 
dible.  It  combined  every  thing  to  revolt  and 


rampart  which  defen  led  the  country — the  citadel 
upon  which  Bank  artillery  incessantly  thundered! 
and  what  was  the  conduct  of  the  Senate  ad  thi- 


it  was  trying  and  condemning  that  man;  kil 
ling  him  off  with  a  Senatorial  condemnation;  re 
moving  the  obstacle  which  stood  betw<  en  the 
B:mk  and  its  prey;  and  in  so  doing,  establishing 
the  indissoluble  connexion  between  the  movement 
of  the  Bank  in  distressing  the  country',  and  the 
movement  of  the  Senate  in  condemning  the  Pre 
sident. 


Mr.  B.  said,  that  certainly  no  more  proof  was  |  shock  the  moral  sense.     Oppression,  fclsehodd, 


necessary  on  this  head  to  show  that  the  designs  of 
the  Bank  were  political  and  revolutionary,  inten 
ded  to  put  down  President  Jackson's  administra 
tion,  and  to  connect  itself  with  the  Senate;  but  he 
had  more  proof,  that  of  a  publ;cation  under  the 


lumny,  revolution;  the  ruin  of  individuals,  the  fab 
rication  of  false  pretenses,  the  machinatons  far 
overturning  the  Government,  the  imputation  of  its 
o\»  n  crimes  upon  the  head  of  the  President,  the  en 
riching  its  favorites  with  the  spoils  of  the  countn  , 


editorial  head  of  the  National  Gazette,  and  which    insolence  to  the  House  of  Representativi  s,  and  its 
publication   he  assumed  to  say  was  written  by  the  I  affected  guardianship    of  the  liberties  of  t'ie  pet 


President  of  the  Bunk.  It  was  a  long  article  of 
four  columns;  but  he  would  only  read  a  para 
graph.  He  read:  "The  great  contest  now  wag 
ing  in  this  country,  is  between  its  free  institutions, 
and  the  violence  of  a  vulgar  despo' ism.  The  Go 
vernment  is  turned  into  a  baneful  faction,  and  the 
spirit  of  liberty  contends  against  it  throughout  the 
country.  On  the  one  hand,  is  this  miserable  ca 
bal,  with  all  the  PATRONAGE  of  the  Executive; 
on  the  other  hand  the  yet  unbroken  mind  and 
heart  of  the  country,  with  the  SENATE  and  the 
BANK;  (in  reading  these  words,  in  which  the 
Bank  associated  itself  with  the  Senate,  Mr.  B.  re 
peated  the  famous  expression  of  Cardinal  Wolsey 
in  associating  himself  with  the  King,  Ego  et  rex 
meus,-)  the  House  of  Representatives,  hitherto 
the  intuitive  champion  of  freedom,  shapen  by  the 
intrigues  of  the  kitchen,  hesitates  for  a  time,  but 
cannot  fail  before  long  to  break  its  own  fetters  first, 
and  then  those  of  the  country.  In  that  quarrel 
we  predict,  they  who  administer  the  Bank  will 
shrink  from  no  proper  share  which  the  country 
may  assign  to  them.  Personally  they  must  be  as 
indifferent  as  any  of  their  fellow  citizens  to  the 
recharter  of  the  Bank.  But  they  will  not  suffer 


pie,  and  the  free  institutions  of  the  coun'ry;  such 
were  the  prominent  features  of  its  conduct.  The 
parallel  of  its  enormity  was  not  to  be  found  on 
this  side  of  Asia;  an  example  of  such  remorseless 
atrocity  was  only  to  be  seen  in  the  conduct  of  the 
Paul  Benfields  and  the  Debi  Sings  who  ravaged 
Ind  a  und  r  the  name  of  the  Marquis  of  Hasting*. 
Even  what  had  been  casually  and  imperfectly 
brought  to  light,  disclosed  a  system  of  calculated 
enormity  which  required  the  genius  of  Burke  to 
paint.  Wh-it  was  behind  would  require  labors  of 
a  committee,  constituted  upon  parliamentary  prm- 
ciples,  not  to  plaster,  but  to  probe  the  wounds 
and  ulcers  of  the  Bank;  and  such  a  committee  he 
should  hope  to  see,  not  now,  but  hereafter,  not  in 
the  vacation,but  in  the  session  of  Congress.  For  he- 
had  no  idea  of  these  peripatetic  and  recess  com 
mittees,  of  which  the  panic  session  had  been  so 
prolific.  He  wanted  a  committee,  unq  icstion; 
ble  in  the  legality  of  its  own  appointment,  duly 
qualified  in  a  parliamentary  sense  for  discovering 
the  misconduct  they  are  set  to  investigate;  and 
sitting  under  the  wing  of  the  authority  which  can 
punish  the  insolent,  compel  the  refractory,  and 
enforce  the  obedience  which  is  due  to  its  mandates 


18 


6.  The  distress  of  the  country  occas'oned  by  the  j  compelled  it  to  reduce  its  discounts  and  loans  with 


Hank  of  the  United  States,  and  the  Senate  of  the 
United  States. — This,  Mr.  B.  said,  might  be  an 
unpleasant  topic  to  discuss  in  the  Senate;  but  this 
Senate,  for  fou?  months  of  the  last  session,  and 
during  the  whole  debate  on  the  resolution  to  con 
demn  the  President,  had  resounded  with  the  cry 
that  the  President  had  created  all  the  distress;  and 
the  huge  and  motley  mvss,  throughout  the  U  nion, 
which  marched  under  the  oriflamme  of  the  Bank, 
had  every  where  repeated  and  reiterated  the  same 
cry.  If  there  was  any  thing  unpleasant,  then,  in 
the  discussion  of  this  topic,  in  this  place,  the  blame 
must  be  laid  on  those  who  by  using  thut  argument 
in  support  of  their  resolution  against  the  President, 
devolves  upon  the  defenders  of  the  President  the 
necessity  of  refuting  it.  Mr.  B.  would  have  re 
course  to  facts  to  establish  his  position.  The  first 
fact  he  would  recur  to  was  the  history  of  a  reduc 
tion  of  deposites,  made  once  before  in  this  same 
Bank,  so  nearly  identical  in  every  particular  with 
the  reduction  which  took  place  under  the  order 
for  tiie  late  removal  of  deposites,  that  it  would  re 
quire  exact  references  to  documentary  evidence 
to  put  its  credibility  beyond  «he  incredulity  of  the 
senses.  Not  only  the  amount  from  which  the  re 
duction  was  made,  its  progress,  and  ul'imate  de 
pression,  corresponded  so  clos.-jy  as  each  to  seem 
to  be  the  history  of  the  same  transaction,  but  they 
began  in  the  same  month,  descended  in  the  same 
ratio,  except  in  the  instances  which  operate  to  the 
disadvantage  of  the  late  reduction,  and  at  the  end 
of  fif'ee/i  months,  had  reached  the  same  point. 
Mr.  B.  spoke  of  the  reduction  of  deposites  which 
took  place  in  the  years  1818  and  1819,  and  would 
exhibit  a  table  to  compare  it  with  the  reductions 
under  the  late  order  for  the  removal  of  the  depo- 
ites. 

THR  TABLE. 
Fifteen  months'  reduction  of  Deposites. 


October, 

November, 

December, 

,'anuary, 

February, 

March, 

April, 

May, 

Jvinr, 

July, 

August, 

September, 

October, 

November, 

December, 


1818-19. 

$9,136,527 
5,259,251 
6,069,875 
2,856,393 
3,075,159 
3,458,488 
3,273,855 
2,883,329 
2,882,899 
3.670,281 
3,132,361 
3,047,135 
2,862,964 
2,230,750 
2,155.497 


1833-4. 
$9,868,435 
8,232,311 
5,162,260 
4,230,509 
3.066,561 
2,604,233 
2,932,866 
3,257,345 
2,731,988 
2  675,43;; 
2,609,257 
2,155,21^ 
2,040,354 
2,001,639 
1,875,772 


January,  1820,  3,560,712  Jan.  1835,  3,878,951 
Here,  said  Mr.  B.,  is  a  similar  and  parallel  re 
duction  of  deposites  in  this  same  bank,  and  that  at 
a  period  of  real  pecuniary  distress  to  itself;  a  pe- 
iiod  when  great  frauds  were  discovered  in  its 
management;  when  a  committee  examined  it,  and 
reported  it  guilty  of  violating  its  charter?  when 
its  stock  fell  in  a  few  weeks  from  180  ta  90;  when 
propositions  to  repeal  its  charter,  wi-hout  the  for 
mality  of  a  scire  facias,  were  discussed  in  Con- 
voice?,  condemned  it;  and  when  a  real  necessity  I  never  been  all  taken  from  the  bankj'thatthe  remo\" 


more  rapidity,  and  to  a  far  greater  comparative  ex 
tent,  than  those  which  has  attended  the  late  reduc 
tion.  Yet  what  was  the  .state  of  the  country?  Dis 
tressed,  to  be  sure,  but  no  panic!  no  convulsion  in 
the  community!  no  cry  of  revolution!  And  why 
this  difference?  If  mere  reduction  of  deposites 
was  to  be  attended  with  these  effects  at  one  time, 
why  not  at  the  other?  Sir,  said  Mr.  B.,  address 
ing  the  Vice  President,  tlie  reason  is  plain  and  ob 
vious.  The  bank  was  unconnected  with  politics  in 
1819!  It  had  no  desire,  at  that  time,  to  govern  the 
elections,  and  to  overturn  an  administration!  It 
had  no  political  confederates!  I-  had  no  Presi 
dent  of  the  bank  then,  to  make  war  upon  the 
President  of  the  United  States,  and  to  stimulate 
and  aid  a  great  political  party  in  crushing  the  Pre 
sident,  who  would  not  sign  a  new  charter,  and  in 
crushing  the  House  of  Repre:-;entativep,which  stood 
by  him. — There  was  no  resolution  ihen  to  con 
demn  the  President  for  a  viola  ion  of  the  laws  and 
the  constitution!  And  it  w»s  this  Ltal  resolution, 
which  we  now  propose  to  expunge,  vvliich  did  the 
principal  part  of  the  misc'iief.  't  hat  resolution 
was  the  root  of  the  evil;  the  signal  for  panic  meet 
ings,  pjmic  memor'uds,  pan:c  deputations,  panic 
speeches,  and  panic  jubilees.  That  resolution,  x- 
hibited  in  the  Senate  chamber,  was  the  scarlet 
mantle  of  the  consul,  hung  <;ut  from  his  tent;  ii 
was  the  signal  for  battle.  That  resol  ttion,  and 
the  alarm  speeches  which  attended  it,  was  the 
tocsin  which  started  a  continent  from  its  repose ! 
And  the  condemnation  which  followed  it,  and  which 
left  this  chamber  just  in  time  to  reach  the  New 
York,  Virginia,  and  Connecticut  elections,  com 
pleted  the  effect  upon  the  public  mind,  and  upon 
the  politics  and  commerce  of  the  country,  which 
the  measures  of  the  bank  had  been  co-operating 
for  three  months  to  produce.  And  here  he  must 
express  his  especial,  and  eternal  wonder,  how  all 
these  movements  of  bank  and  Senate  co-operating 
together,  if  not  by  arrangement,  at  least  by  a  mo.st 
miraculous  system  of  accidents,  to  endanger  the 
political  rights,  and  to  injure  the  pecuniary  inter 
ests  of  the  people  of  the  United  States,  could  so 
far  escape  the  observation  of  the  investigating 
committee  of  the  Senate,  as  not  to  draw  from 
them  the  expression  of  one  solitary  opinion,  the 
suggestion  of  one  sirgle  idea,  the  application  r,f 
one  single  remark,  to  the  prejudice  of  the  bank. 
Surely  they  ought  to  have  touched  these  scenes 
with  something  more  than  a  few  meager,  stinted, 
and  starved  lines  of  faint  allusion  to  the  "  new 
measures  understood  to  be  in  contemplation,-"  those 
new  measures  which  were  so  falsely,  so  wickedlv 
fabricated  to  cover  the  preconcerted  and  preme- 
ditated  plot  to  upset  the  Government  by  simulat 
ing  the  people  to  revolution,  through  the  combin 
ed  operations  of  pecuniary  pressure  and  political 
ahrm. 

The  table  itself,  Mr.  B.  said,  was  entitled  to 
the  gravest  recollection,  not  only  for  the  compari 
son  which  it  suggested,  but  the  fact  of  showing 
the  actual  progress  and  history  of  the  removal  of 
the  deposites,  and  blasting  the  whole  story  of  the 
President's  hostility  to  the  bank.  From  this  table 
it  is  seen  that  the  deposites,  in  point  of  fact,  have 


19 


al,  so  far  as  it  went,  was  gradual  and  gentle;  tha*  pect  any  indulgence,  or  clemency  at   its    hand*, 
an  average  of    three   millions   has   alw.ys   been 
there;  that  nearly  four  millions  was  there  on  the 


and 


thi 


Directors, 


opinion,     if 

about     which. 


entertained     by     the 
there     can     be     fcut 

first  day  of  January  la-,t;  and  before  these  facts,  j  I'.ttle    question,     subsequent    events    very    soon 
the  ftbVicated  st©ry  of  the  President's  hostility  to  j  proved    they    were    not  mistaken.       The     Pre- 
the  bank,  his  vind  ctiveness,  and  violent  determi 
nation  to  prostrate,  destroy,   and   ruin  the  institu 


tion,  must  fall  back  upon  its  authors,  and  recoil 
upon  the  heads  of  the  inventois  and  propagators 
of  such  a  groundless  imputation. 

Mr.  B.  could  give  another  fact  to  prove  that  it 
WAS  the  Senate  and  the  Bank,  and  the  Senate 
more  than  the  Bank,  which  produced  the  distress 
during  the  last  winter.  It  was  this:  thr.t  although 


sident's    address    to  his    Cabinet;   the    tone    as 
sumed  by  the  Secretary,  Mr.  Taney,  in  his  official 


communication  to  Congress,  and  the  develope- 
ments  subsequently  made  by  Mr.  Duane,  in  his 
address  to  the  public, — all  confirm  the  correctness 
of  this  anticipation.  The  measure  which  the 
Bank  had  cause  to  fear  was  the  accumulation  by 
G  >vernment  of  large  masses  of  its  notes,  and  the 
existence  thereby  of  heavy  demands  against  its 


the  curtailments  of  the  Bank  were  much  larger  offices. — (p.  16.)  "  In  persevering  in  its  policy 
both  before  and  after  the  session  of  Congress,  yet  j  of  redeeming  its  notes  whenever  presented,  and 
there  was  no  distress  in  the  country,  except  dur  thereby  continuing  them  as  a  universal  medium  of 


the  session,  and  while  the  alarm  speeches  were 
a  course  of  delivery  on  this   floor.     Thus,  the 


exchange,  in   opposition    to    complaints   on    that 
head  from  some    of  the  branches,   i^see  copies  of 


curtailment  from  the  first  of  August  to  the  first  of'  correspondence,)  the  security  of  the  institution, 
October,  was  §4,066,000;  trom  the  first  of  Octo-  j  and  the  good  of  the  country,  were  alike  promoted; 
her  to  the  meeting  of  Congress  in  December,  the  \  The  accumulation  of  the  notes  of  any  one  branch 
curtailment  w^-,  £5,641,000;  making  #9,707,000  '  for  the  purpose  of  a  run  upon  it  by  any  agent  of 
in  four  months;  and  no  distress  in  the  country,  the  Government,  when  specie  might  be  obtained 


During  the 


of  Congress,  seven  moiiths,   at  the  very  places  of  collection,  in   exchange  for 


there  was  a  curtailment  of  $3,428,138;  and  during  I  the  notes  of  the  most  distant  branches,  \v  >uld 
this  lime  the  distress  raged.  From  tlie  rise  of  j  have  been  odious  in  the  eyes  of  the  public,  and 
Congress,  last  of  June,  to  the  first  of  November,  a  j  a-cribed  to  no  other  feeling  than  a  feeling  of  vin^ 
period  of  four  months,  the  curtai'ment  was  I  *Victiveness." — p.  22. — Upon  these  extracts,  Mr. 
$5,270,771;  and  the  word  distress  was  not  heard !  B.  said  it  was  clear  that  the  committee  had  been 
in  the  country.  Why:1  because  there  were  no  j  so  unfortunate  as  to  commit  a  series  of  mistakes, 
panic  speeches.  Congress  had  adjourned;  and  and  every  mistake  to  the  advantage  of  the  Bank, 
the  Bank  being  left  to  its  own  resources,  could  and  to  the  prejudice  of  the  Government  and  the 
only  injure  individuals,  but  could  not  alarm  and  |  country.  First,  the  Government  i>  charged,  for 


convulse  the  community. 

Mr.  B.  would  finish  this  view  of  the  conduct  of 
the  Bank  in  creating  a  wanton  pressure  by  giving 
two  instances;  one  was  the  case  of  the  Deposite 
Bank  intlvscity;  the  other  was  the  case  of  a  Sena 
tor  opposed  to  the  Bank.  He  said  that  the  Branch 
Bank,  at  this  place,  had  made  a  steady  run  upon 
the  Metropolis  Bank  from  the  beginning  to  the 
ending  of  the  panic  session.  The  amount  of  spe 
cie  which  it  had  taken  was  $605,000;  evidently  for 
the  purpose  of  blowing  up  the  pet  bank  in  this 
district;  and  during  all  that  time  the  branch  re 
fused  to  receive  the  notes,  or  branch  drafts,  of  any 
other  branch,  or  the  notes  of  the  mother  Bank;  or 
checks  upon  any  city  north  of  Baltimore.  On  the 
ptt  bank  in  Baltimore  it  would  take  checks,  be 
cause  the  design  was  to  blow  up  that  also.  Here, 
said  Mr.  B.  was  a  clear  and  flagrant  case  of  pres 
sure  for  specie  for  the  mere  purpose  of  mischief, 
and  of  adclng  the  Metropolis  Bank  to  the  list  of 


the 
the 


charge  is   clear,  though  slightly  veiled,  that 
President  of  the  United  States,  in  his  vindic- 


tiveness  against  the  Bank,  would  cause  the  notes 
of  the  branches  to  be  accumulated,  and  pressed 
upon  them  to  break  them.  N<.-xt,  the  committee 
omit  to  notice  the  very  tiling  actually  done,  in  our 
very  presence  here,  by  the  Bank  of  the  United 
States  against  a  deposite  bank,  wmch  it  charges 
without  foundation  upon  the  President.  Then  it 
credits  the  Bank  with  the  honor  of  paying  its  notes 
every  where,  and  exchanging  the  notes  of  the 
most  distant  branches  for  specie,  when  the  case 
of  the  Metropolis  Bank,  here  in  our  presence,  for 
the  whole  period  of  the  panic  session,  proves  the 
contrary,  and  when  we  have  a  printed  document 
of  positive  testimony  from  many  banks,  and  brok 
ers,  testifying  (hat  the  branches  in  Baltimore  and 
New  York,  during  the  fall  of  1833,  positively  re 
fused  to  redeem  the  notes  of  other  branches,  ot  to 
accept  them  in  exchange  for  the  notes  of  th/2  loc. 


those  which  stopped  payment  at  that  time.  And  j  banks,  though  taken  in  payment  of  revenue,  and 
here  Mr.  B.  felt  himself  bound  to  pay  his  respects  j  that,  in  consequence,  the  notes  of  distant  branches 
to  the  Committee  of  Finance,  that  went  to  examine  I  fell  below  par,  and  were  sold  at  a  discount,  or 
the  Bank  last  summer.  That  committee,  at  pages  j  lent  for  short  periods  without  interest^on  condi- 
16  and  22  of  their  report,  brought  forward  an  un-  tion  of  getting-  specie  for  them;  and  that  this 
founded  charge  against  the  Administration  of  mak-  1  tinned  till  Mr,  Tanefccoerced  the 


charge  against  the  Administration  of  mak-   tinned  till  Mr,  Tanejfc 
ing  runs  upon  the  branches  of  the  United  States   of  transfer  drafts,  to  cause  the  notes  of  her'branch- 
Bank,  to  break  them;  while  it  had  been  silent  with  j  es  to  be  received  and  honored  at  other  branci 
respect  to  a  well-founded  instance  of  mesamena-j  usual^^n  all  tffls,  Mr.  B.^aid  th^^port  or  the 
ture  from  the  Bank  of  the  United  States  towards  {  committee  was  most  unfortunate;  and  showed  the 
the  Deposite  Bank  in  this  District.     Their  ten-|  necessity  fora  new  committee  to   ex.imin" 
gmge  is:  "  The  administrative  department  of  the!  institution;.,  a  committee  constitute'1  • 
Government  had   manifested   a   spirit  of  decidedfn^ntar^pniiiljWfef^    ?i"  TW^OT 
bos'ility  to   the,  Bank.     It  had  no  reason  to  ,-T-  -  ry,-—  like  that,  of  the  PC:    biilcc,  —  The  crc.  . 


such  a  committee,  Mr.  B.  said,  was  the  more  ne 
cessary,  as  one  of  the  main  guards  intended  by  the 
charter  to  be  placed  over  the  Bank,  was  not  there 
during1  the  period  of  the  pressure  and  panic  ope 
rations;  he  alluded  to  the  Government  Director*! 
1he  history  of  whose  rejection,  after  such  long 
delays  in  the  Senate  to  act  on  their  nomination,  is 
known  to  the  whole  country. 

The  next  instance  of  wanton  pressure  which 
Mr.  B.  would  mention,  was  the  case  of  an  indivi 
dual,  then  a  m  mber  of  the  F  nate  from  Pennsyl 
vania,  now  Mhnis-er  to  St.  Petersburg-,  (Mr.  Wil 
kins.)  That  gentleman  had  informed  him,  (Mr. 
B.)  towards  the  close  of  the  last  session,  that  the 
Bank  h:<d  caused  a  scire  facias  to  be  served  in  his 
house,  to  the  alarm  and  distress  his  u  ife,  to  revive 
ajudgment  against  him,  while  he  was  here  oppo 
sing1  the  Bank. 

[Mr.  EWING,  of  Ohio,  here  rose,  and  wishrd  to 
knew  of  Mr.  R.  whether  it  was  the  Bank  of  the 
United  States  that  had  issued  this  sctrc  facias 
against  Mr.  Wilkins.] 

M.  B.  was  very  certain  that  it  was.  He  recol 
lected  not  only  the  information,  but  the  time,  and 
the  place,  when  and  where  it  was  given;  it  was 
the  last  days  of  the  last  session,  and  at  the  window 
beyond  that  door;  (pointing  to  the  door  in  the 
cornerbehind  Ivm;)  and  he  added,  if  there  is  any 
question  to  he  raised,  it  can  be  settled  without 
sending  to  Russia;  the  scire  facias,  if  issued,  will  be 
of  record  in  Pittsburg. — Mr.  B.  then  said,  the  cause 
of  this  conduct  to  Mr.  Wilkins  can  be  understood 
when  it  it  is  recollected  that  he  had  denied  on  this 
floor  the  existence  of  the  great  distress  which  had 
been  depicted  at  Pittsburg;  and  the  necessity  that 
the  Bank  was  under  to  push  him  at  that  time  can 
be  appreciated  by  seeing  that  two-and-fifty  mem 
bers  of  Congrt  ss,  as  reported  by  the  Finance  Com 
mittee,  had  received  "  accommodations"  from  the 
Bank  add  its  branches  in  the  same  year  that  a  Se 
nator,  and  a  citizen  of  Pennsylvania,  opposed  to 
the  Bank,  was  thus  proceeded  against.* 

Mr.  B.  returned  to  the  resolution  which  it  was 
proposed  to  expunge.  He  said  it  ought  to  go.  It 
was  the  root  of  the  evil,  the  father  of  the  mischief, 
the  source  of  the  injury,  the  box  of  Pandora,  which 
had  filled  the  land  with  calamity  and  consternation 
for  six  long  months.  It  was  that  resolution,  far 
more  than  the  conduct  of  the  Bank,  which  raised 
the  panic,  sunk  the  price  of  property,  crushed 
many  merchants,  impressed  the  country  with  the 
terror  of  an  impending  revolution,  ani  frightened 


so  many  good  people  out  of  the  rational  exercise 
of  their  elective  franchise  at  the  spring  el>  ciions. 
All  these  evils  have  now  passed  away.  The  pirnc 
has  subsided;  the  price  of  produce,  and  property, 
has  recovered  from  its  cepression,  a  id  risen  be 
yond  its  former  bounds.  The  country  is  tranquil, 
prospeiotis,  and  happy.  The  States  which  had 
been  frightened  from  their  propriety  at  the  spring 
elections,  have  regained  their  self  command.  Now, 
with  the  total  vanishing  of  its  Affects,  let  the  cause 
vanish  also.  Let  this  resolution,  for  the  condem 
nation  of  President  Jackson,  be  expunged  from 
the  journals  of  the  Senate!  Let  it  be  effaced, 
erased,  blotted  out,  obliterated  from  the  face  of 
that  page  on  which  it  should  never  have  been 
written!  Would  to  God  it  could  be  expunged 
from  the  pag-e  of  all  history,  and  from  the  memory 
of  all  mankind.  Woul  1  that,  so  far  as  it  is  con 
cerned,  the  minds  of  the  whole  existing  genera 
tion  should  be  dipped  in  the  fabulous  and  oblivi- 
cus  waters  of  the  river  Lethe.  But  these  wishes 
are  vain.  The  resolution  must  survive  and  live. 
History  will  record  it;  memory  will  retain  it;  tradi 
tion  will  hand  it  down.  In  the  very  act  of  expur 
gation,  it  lives;  for  what  is  taken  from  one  pag<j,  is 
placed  on  another.  All  atonement  for  the  unfor 
tunate  and  calamitous  act  of  the  Senate,  is  imper 
fect  and  inadequate.  Expunge  if  we  can;  still  the 
only  t- fleet  will  be  to  express  our  solemn  convic 
tions,  by  that  obliteration,  that  such  a  resolution 
ought  never  to  have  soiled  the  pages  of  our  jour 
nal.  This  is  all  that  we  can  do;  and  this  much  we 
are  bound  to  do,  by  every  obi  g-ation  of  justice  to 
the  President,  whose  name  has  been  attainted;  by 
every  consideration  of  duty  to  the  country,  whose 
voice  demands  this  reparation;  by  our  regard  to 
the  constitution,  which  has  been  trampled  under 
foot;  by  respect  to  the  House  of  Representatives, 
whose  function  has  been  ururped;  by  self-respect, 
which  requires  the  Senate  to  vindicate  its  justice, 
to  correct  its  errors,  and  re-establish  its  high  name 
for  equity,  dignity,  and  moderation.  To  err,  is  hu 
man;  not  to  err,  is  divine;  to  correct  error,  is  the 
work  ofsupereminent,  and  also  superhuman  moral 
excellence;  and  this  exalted  work  it  now  remains 
for  the  Senate  to  perform. 

*  At  pages  37  and  38  of  the  Report,  the  Finance 
Committee  fully  acquits  the  Bank  of  all  injurious 
discriminations  between  borrowers  and  applicants, 
of  different  politics. 


i 


Gaylamount 
Pamphlet 

Binder 

aylord  Bros.,  Inc. 
Stockton,  Calif. 
.M.Reg.  U.S.  Pat.  Off. 


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